The Pittsburgh Penguins and Sidney Crosby are finalizing a new contract that will be worth $104.4 million over 12 years.

The Penguins announced the deal Thursday on their website. The contract will carry an average salary of about $8.7 million a season, although it will be front-loaded. The new contract would go into effect for the 2013-14 season.

"This is a great day for hockey and tremendous news for the Pittsburgh Penguins and our fans," co-owners Mario Lemieux and Ron Burkle said in a joint statement. "We are grateful for all that Sidney Crosby has done for our franchise since coming to Pittsburgh in 2005, both on and off the ice, and we look forward to having him in a Penguins uniform for the rest of his career."

Crosby has played in just 28 games in the past 18 months after suffering a concussion in the Winter Classic against the Washington Capitals in January 2011. He finished with eight goals and 29 assists last season and added three goals in a first-round playoff loss to Philadelphia.

In the past two seasons, 617 players have played more games than Crosby's 63, according to ESPN Stats & Information, but in that same stretch, only 92 players have scored more goals than Crosby's 40.