The Avalanche and Cale Makar are closing in on a contract extension that is expected to be a “biggie,” according to a report from Sportsnet. Makar has one year left on a deal that sees him carry a $9 million cap hit.

A source told The Denver Gazette the two sides came to an agreement late Wednesday and immediately began prepping the paperwork. Exact terms of the deal have been kept under wraps.

Makar is expected to sign a deal that makes him the highest-paid defenseman on an annual basis in NHL history.

This is a developing story and will be updated.