Maple Leafs hire Mike Babcock as coach

— -- Mike Babcock has made his decision, and he's headed to Toronto.

The Toronto Maple Leafs announced the hiring of Babcock on Wednesday afternoon, ending months of speculation as to where the veteran coach would land.

Babcock cashed in on his status as the most coveted hire in hockey. According to multiple reports, he received an eight-year deal that is worth a whopping $50 million. That contract would make Babcock the highest-paid coach in the NHL.

Before deciding on the Leafs, Babcock had been in discussions with several other teams, including the San Jose Sharks and Buffalo Sabres, though both clubs were informed Wednesday they were out of the running, according to ESPN.com's Pierre LeBrun.

Though Babcock had discussions with Red Wings general manager Ken Holland about signing a contract extension in Detroit, he ultimately chose to leave the organization with which he had spent the last 10 seasons.

With Babcock leaving Detroit, it is expected that Jeff Blashill, the team's AHL coach in Grand Rapids, will succeed Babcock behind the bench. Blashill has led the Grand Rapids Griffins to the Western Conference finals of the Calder Cup playoffs for the second time in three years.