Jake Guentzel agrees to terms on new contract.

It sounds like Jake Guentzel is staying put in Tampa Bay.

According to a report from National Hockey League insider Frank Serravalli, Guentzel and the Lightning have come to an agreement on the terms of a new deal. Seravalli reports that the Lightning have several irons in the fire and as a result it may take some time before the deal is officially announced.

Seravalli has not reported the term or financial details of Guentzel's new contract.

The Lightning acquired Guentzel's rights earlier today in a trade with the Carolina Hurricanes, a move made by the Hurricanes when they realized they would be unable to sign Guentzel before the opening of free agency on July 1st. They received a third round pick as compensation for Guentzel's negotiating rights.

Guentzel was arguably the most sought after free agent expected to hit the open market this summer, so securing his services prior to him hitting the market is a huge coup on the part of Lightning general manager Julien Brisebois.

The Lightning made a pair of significant moves at the NHL Draft on Saturday, sending defenseman Mikhail Sergachev to Utah and sending forward Tanner Jeannot to the Los Angeles Kings. The moves cleared over $11 million in cap space for the Lightning and they now seem to have been clearly designed with the acquisition, and subsequent signing, of Guentzel as their objective the entire time.

Update: Pierre LeBrun reports it will be a 7 year deal, which comes as no surprise.

Update: Penguins insider Josh Yohe reports that Guentzel's 'inner circle' has been informed he has agreed to terms with the Lightning.