A source told ESPN.com's Pierre LeBrun the deal was worth $12.25 million over three years. Lucic will earn $4 million in each of the next two years and $4.25 million in 2012-13.
Lucic would have been a restricted free agent at the end of this season.
The 21-year-old left wing set career highs last year with 17 goals and 25 assists. He also had 136 penalty minutes and a plus-17 rating. He had three goals and six assists with a team-leading plus-12 in 10 playoff games.
Information from The Associated Press was used in this report.