The Rangers and Alexis Lafreniere have agreed to terms on a contract extension, New York announced Friday evening. The deal is for seven years and worth $52.15 million, according to an earlier report Friday by USA Today's Vince Mercogliano.

Earlier this month, it was reported that the Blueshirts had been working on negotiating a massive deal with the former No. 1 overall draft pick and now the deal appears to be complete.

While the AAV is reportedly $7.45 million, Lafreniere will have a $2 million base salary with a $8 million signing bonus this year. In Year 2, he will reportedly have a $5.5 million base salary and a $2 million signing bonus, followed by a $8.5 million base salary and a $1 million signing bonus in Year 3. After that, Lafreniere will reportedly make $7.15 million in Year 4 and $6 million in Years 5-7.

The deal covers two years of restricted free agency and five years of unrestricted free agency which will make him 30 years old when the deal expires. Years 3-7 also include an eight-team no-trade clause.

Still, just 23 years old, Lafreniere figures to be a big part of the Rangers' future after they selected him with the top pick in the 2020 NHL Draft. Since then, the 6-foot-2, 196-pounder from St-Eustache, Quebec has made a huge impact for New York.

In 305 games, Lafreniere has 79 goals and 76 assists (155 points). Last season, the left winger had career highs in games played (82), goals (28) and assists (29). In seven games so far this season, he has four goals and three assists -- on track for another career year.

Securing Lafreniere to a long-term contract extension is crucial for the Rangers who were unable to lock up goaltender Igor Shesterkin over the offseason, despite their best efforts.

According to ESPN's Kevin Weekes, Shesterkin turned down an eight-year, $88 million deal that would've made him the highest-paid goalie in NHL history. Instead, the 28-year-old will finish out the final year of his four-year contract and hope to net even more money next offseason.

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