The New York Islanders are getting set to open the bank for captain John Tavares.

According to Newsday's Arthur Staple, the club is likely to offer Johnny T an 8-year contract worth upward of $10 million per season.

Tavares is still under contract for one more season, but as Staple points out, New York general manager Garth Snow is eager to lock down his franchise player before potentially losing him for nothing in the 2018 free-agency window.

Next season Tavares is under contract for a bargain price of $5.5 million and, despite a down year this past season in which he posted 66 points - his lowest since the 2013-14 campaign - the 27-year-old is still an elite-level talent who would have teams salivating at the thought of acquiring his services.

Whether Tavares ends up staying in Brooklyn, or Long Island, long-term remains to be seen.

However, the four-time All-Star has previously made it clear that he fully intends on staying with New York, wanting a deal in place as soon as possible, according to Brian Compton of NHL.com.

Tavares has played all of his 587 NHL games with the Islanders.