Ryan Callahan is on the verge of signing a long-term extension with the Tampa Bay Lightning, Sportsnet has learned.

The 29-year-old was eligible to pursue unrestricted free agency on July 1, but a source indicated that a new deal with the Lightning is “imminent.” While the precise terms of the extension weren’t immediately available, it is believed to be in excess of five years and worth as much as $5.5-million per season.

Scott Bartlett, one of Callahan’s agents, tweeted on Tuesday night that the sides had found “common ground towards a new deal.”