Jan. 21 (UPI) -- Teuvo Teravainen agreed to a contract extension with the Carolina Hurricanes, the team announced Monday.
The five-year, $27 million deal runs through the 2023-24 season and has an average annual value of $5.4 million.
Prior to the extension, Teravainen could have become a restricted free agent on July 1.
"Teuvo has improved every year of his NHL career and has established himself as a cornerstone forward for the Hurricanes now and into the future," Hurricanes President and General Manager Don Waddell said in a statement. "He has shown that he is capable of adapting and expanding his role with our team, becoming a key penalty killer for [Hurricanes head coach] Rod [Brind'Amour] this season. He's still just 24 years old and we believe he will only continue to grow as a player."
Teravainen ranks second on the Hurricanes in assists (28), points (38) and power-play points (12) this season.
The Chicago Blackhawks drafted Teravainen in the first round (18th overall) of the 2012 NHL Draft. The Blackhawks traded Teravainen to Carolina on June 15, 2016.
Teravainen has 65 goals and 123 assists (188 points) in 325 career NHL games with the Hurricanes and Blackhawks.
The Hurricanes (23-20-5) play the Calgary Flames (32-13-5) on Tuesday night.