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The Vancouver Canucks have put those Elias Pettersson trade rumors to bed. On Saturday, the Canucks announced Pettersson has signed an eight-year contract extension.

Amidst speculation Pettersson might be traded if he didn't sign a long-term extension, he and the team were able to get a deal done. According to Elliotte Friedman of Sportsnet, Pettersson' contract is worth $11.6 million per year. The extension will kick in at the start of the 2024-25 season.

The No. 5 overall pick in the 2017 NHL Draft, Pettersson has become one of the NHL's elite offensive weapons, and he is getting paid like it. For the moment, Pettersson will enter next year as the fifth-highest paid player behind Auston Matthews, Nathan MacKinnon, Connor McDavid, and Artemi Panarin.

Pettersson has been making a massive impact since his rookie season in 2018-19, when he won the Calder Trophy with 28 goals and 38 assists in 71 games. Throughout his first 387 NHL games, Pettersson has already amassed 165 goals, 233 assists, and 398 points.

This season, Pettersson has continued to elevate his game, and his ability to score and distribute at a high level has been a key factor in the Canucks becoming a Stanley Cup contender this season. Pettersson's 75 points are 10th in the NHL, and Vancouver is outscoring teams 52-40 with Pettersson on the ice at five-on-five, per Natural Stat Trick.

With Pettersson under contract through the 2031-32 season, the Canucks now have their core locked in place for the foreseeable future. Pettersson, Quinn Hughes, and J.T. Miller all have at least three more years left on their contract after this one.