The reported eight-year contract, which would start with the 2014-15 season, will have an average annual value of $8 million , and include a limited no-trade clause.
Kessel is in the final season of a five-year contract he signed after being acquired by the Maple Leafs from the Boston Bruins and would become an unrestricted free agent if not signed before July.
The 26-year-old led the Maple Leafs with 20 goals and 52 points last season, a total that tied for seventh in the League. He led the team in the Stanley Cup Playoffs with four goals, including two game-winners.
Source: NHL.com