Carey Price is in position to retire as a member of the Canadiens, after the team announced Sunday that he will receive an eight-year extension beginning in 2018-19.

According to multiple reports, the new deal will have an annual average value of $10.5 million. Price will be paid $2 million more per year than Henrik Lundqvist to become the highest-paid goalie in the NHL, and the average value matches that of Jonathan Toews' and Patrick Kane's deals as the largest in the league.

Price is going into the final season of a six-year contract with an annual cap hit of $6.5 million. He has played his entire 10-year career with Montreal.