The Phoenix Coyotes signed their captain, Shane Doan, to a five-year contract Thursday.

Financial terms were not disclosed, although a source familiar with the negotiations said the deal will pay the 30-year-old Doan an average of $4.5 million per season.

Doan, the only member of the team who was with the franchise when it moved from Winnipeg to Phoenix after the 1996 season, could have become an unrestricted free agent on July 1.

A gritty, talented forward, Doan was highly coveted by a number of teams, either as a rental player for the balance of this season or as a potential long-term signing. But the Coyotes have long insisted they believe Doan is an important part of their team moving forward.

"He's skilled and physical and a very good person," the source told ESPN.com Wednesday afternoon. "He's a very dedicated guy."

Doan, the seventh player chosen in the 1995 draft, has 35 points in 48 games this season, although he's been hampered by injury. He had a career-best 30 goals last season and was named to Canada's Olympic team.