Terms were not released but Canadian sports network TSN reported that Lundqvist will earn $41.25 million over six years or 6.8 million dollars per season.
This marks a substantial raise for the 25-year-old Lundqvist who signed a one-year contract a year ago worth $4.25 million for the 2007-08 season.
Lundqvist, of Åre, has been a finalist for the Vezina Trophy the past two seasons, helping lead the Rangers to back-to-back playoff appearances following a seven-year playoff drought.
Some have speculated that Lundqvist has been bothered this season by the health of his father, Peter, who recently underwent brain surgery in Sweden after suffering an aneurysm. Lundqvist, however, has been reluctant to talk about his father’s health.