Two people familiar with the decision have confirmed to The Associated Press that Lightning captain Steven Stamkos is staying put in Tampa Bay.
The people spoke on the condition of anonymity on Wednesday because the Lightning have not announced the decision. Details of the contract weren't immediately available.
The agreement was reached two days before the 26-year-old Stamkos had the opportunity to test free agency, where he was expected to command lucrative offers from numerous bidders, including the Toronto Maple Leafs, Buffalo Sabres and Detroit Red Wings.
Instead, the two-time NHL scoring champ chose to stay with the franchise that selected him with the No. 1 pick in the 2008 draft.
Canada's TSN.com first reported Stamkos' decision.