Alexander Ovechkin has agreed to a 13-year contract extension with the Washington Capitals worth a record setting $124 million. 

ESPN is reporting that Ovechin signed the record contract "working out the details himself in negotiations with owner Ted Leonsis and GM George McPhee."

"it is believed the structure of the contract will pay Ovechkin 9 million per year for the first six years of the term and 10 million for the remaining seven years," reports TSN.

This is a huge raise from the $3.83 million he was earning this season.

Ovechkin was drafted first overall in the 2004 entry draft and won the Calder trophy in 2005-2006.  This season, he leads the Capitals with 32 goals and 52 points.  He is among the league's leading goal scorers.

Having signed Ovechkin until 2021, the Capitals can now focus on bringing in the appropriate talent to complement their franchise player.

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