Sources told TSN Hockey Insider Darren Dreger that it's a seven-year deal worth $59.5 million a season.
The 31-year-old Lundqvist is 8-11 this season with a 2.51 goals-against average and a .917 save percentage. However, Lundqvist has sat out the past two games behind Cam Talbot, and there was talk of a controversy brewing between the team and Lundqvist, even though both sides had said that the goalie had wanted to reduce the number of games he appeared in.
With the new contract, those rumors have sufficiently been put to rest.
The Swedish netminder in the final season of his six-year, $41.25 million contract and was set to become an unrestricted free agent next summer.
In 531 career NHL games - all with the Rangers - he has a 284-182-57 record with a 2.26 goals-against average and .920 save percentage. His best season to date was 2011-12, when he posted a 39-18-5 record with a 1.97 goals-against average and .930 save percentage and won the Vezina Trophy as the NHL's top goaltender.
Details are scarce as of Wednesday morning, and no official announcement has been made.