The Bruins will hold a news conference to formally announce the extension on Wednesday, Dec. 2, at 11:15 a.m. at the TD Garden.
The extension keeps Savard in a Bruins uniform through the 2016-17 season. With an average cap hit, the deal will be worth between $4.5 million and $4.8 million per season, The Boston Globe reports. TSN's Bob McKenzie reported via Twitter that Savard's extension will turn out to be around $4.2 million per year with the cap hit.
Savard, 32, has been a member of the Bruins since July 1, 2006, and has led the team in scoring each of the last three seasons. Savard has played in two straight NHL All-Star Games and has twice finished in the top 10 in the league in scoring. Last season, Savard played in every game for the Bruins and finished with 25 goals and 63 assists. He added six goals and seven assists in the postseason.
This season, Savard has 10 points in 11 games, despite missing over a month of action due to a broken foot.
The native of Ottawa, Ontario, was a fourth-round selection (91st overall) of the New York Rangers in the 1995 NHL entry draft. He has played in 752 NHL games between New York, Calgary, Atlanta and Boston, scoring 199 goals and 474 assists for 673 points. In 249 games with the Bruins, Savard has scored 66 goals and 206 assists for 272 points.
