PHOENIX (Reuters) - The Arizona Cardinals have signed Pro-Bowl wide receiver Larry Fitzgerald to an eight year contract extension, the team said Saturday.

This is a day that I think all of us have been looking forward to," Cardinals president Michael Bidwell said at a press conference Saturday. "Larry Fitzgerald has been one of the most dynamic, if not the most dynamic, football player in Cardinals' history and one of the most dynamic in the NFL.

"It's been an honor that he's been playing for us since we drafted him in the first round, and he's been such a big part of our success."

The NFL Network (www.nfl.com) reported the contract is worth $120-million with nearly $50-million guaranteed.

Fitzgerald, 27, made 90 receptions last season for 1,137 yards and six touchdowns. It was the fourth consecutive season the five-time Pro Bowl receiver had 90 or more catches and at least 1,000 yards.

Fitzgerald holds the franchise record for the most receptions with 613 since being drafted in 2004.

"I just want to thank the Bidwell family for how they've taken me in over the years," Fitzgerald said Saturday. "I feel like I'm one of the family."

(Reporting by Mike Mouat in Windsor, Ontario. Editing by Greg Stutchbury)