Updated

Denver, CO (SportsNetwork.com) - The Colorado Avalanche have signed goaltender Semyon Varlamov to a five-year contract extension.

Varlamov was set to become a restricted free agent this summer. He'll remain in Colorado's capital thanks to a new deal which will pay him $29.5 million for the duration, with a cap hit of nearly $6 million per season according to the Post.

"Undoubtedly, Semyon has been an impact player for us this season," Avalanche executive vice president of hockey operations Joe Sakic said in a statement. "At only 25 years old, he is entering the prime years of his career and he wants to be part of this franchise moving forward. We are very excited to have come to terms with him and the fact that he has agreed to a five-year extension demonstrates his commitment to the Avalanche and what we're trying to accomplish."

Varlamov has been an integral part in Colorado's surprising season under rookie head coach and former goaltending legend Patrick Roy. He entered play Thursday having already tied his career high with 26 wins and ranked eighth in the league with a .925 save percentage in 42 games.

The Russian Olympian made headlines when he was arrested in October for allegedly attacking his girlfriend at their Denver home. The misdemeanor charge of third-degree assault against Varlamov was dismissed at the prosecution's request last month.

The Avalanche acquired Varlamov from Washington on July 1, 2011. For his career, he has compiled a 93-67-23 record with a 2.57 goals-against average and a .915 save percentage.

The Capitals selected Varlamov in the first round (23rd overall) of the 2006 NHL draft.