UPDATE: Done, according to RDS' Renaud Lavoie. The Pittsburgh Penguins have reportedly agreed to re-sign defenseman Kris Letang to an eight-year extension worth $58 million. That translates into an average annual salary of $7.25 million. Kicks in for the 2014-15 season and includes a limited no-trade clause.
UPDATE: The relationship between the Pittsburgh Penguins and defenseman Kris Letang isn't dead in the water yet. RDS' Renaud Lavoie reports negotiations between Letang's agent and Penguins GM Ray Shero continued early into Sunday morning. And "progress may have been made".
Apparently $7 million/year isn't enough. According to Pierre LeBrun of ESPN.com, reps for Kris Letang rejected an offer from the Pittsburgh Penguins worth around $56 million over eight years. And the Penguins were equally unimpressed with the counter-offer.
"... A source also told ESPN.com that the Letang camp counter-offered with a long-term deal south of $8 million a year and that it was deemed too rich by the Pens ..."
Look for this situation to reach a resolution shortly. Either Letang's people and the Penguins will find middle ground soon, or the elite defenseman will hit the trade market. Recent scuttlebutt suggested the price for Letang would be a current NHL player, prospect, and high draft pick. And there's word the Toronto Maple Leafs might be a fit for the 26-year-old.