Edmonton Oilers general manager Ken Holland told reporters Thursday that a two-year extension for goaltender Mike Smith is finished.

He was set to become an unrestricted free agent this summer but TSN Hockey Insider Pierre LeBrun reported Wednesday that the two sides were making progress on a new deal.

Smith posted a 21-6-2 record this season with a .923 save percentage and a 2.31 goals against average - his best marks of his career since the 2011-12 season. He had a .912 save percentage and a 2.40 GAA in the playoffs as the Oilers were swept by the Winnipeg Jets in a series that included three overtime losses.

A veteran of 15 NHL seasons, Smith re-signed with the Oilers last year on a one-year, $1.5 million deal after first joining the team on a one-year, $2 million deal as a free agent in 2019.