Reports indicate that goaltender Roberto Luongo has agreed to terms on a four-year contract with the Vancouver Canucks.

According to RDS, the Canucks will hold a news conference on Thursday afternoon to announce the deal.

CKNW Radio in Vancouver adds that the deal will pay Luongo $6 million US in the first year, $6.5 million US in the second year, $7 million US in the third year, and $7.5 million US in the final year. The contract also contains a no-trade clause for the final three years.

Sources close to the recently traded netminder suggested on Wednesday that Luongo was close to finalizing a long-term agreement, but Canucks General Manager Dave Nonis said reports of a new contract were premature at the time.

The Canucks and Florida Panthers completed a multi-player trade involving Luongo last week, with Vancouver sending Todd Bertuzzi, Bryan Allen and Alexander Auld to Florida for Luongo, Lukas Krajicek and a 2006 sixth round pick.

The Canucks qualified Luongo at $3.2 million US earlier this week, which gave the club his rights for the 2006-07 season, but Luongo's agent Gilles Lupien also met with his client in Montreal this week to discuss the prospects of a long term deal.

Luongo, 27, played 75 games with the Florida Panthers in 2005-06, posting a record of 35-30-9 with a 2.97 GAA and a .914 save percentage. Over his five-year NHL career, Luongo has played a total of 341 games, with a record of 115-168-41, a 2.72 GAA and a .919 save percentage.

More to follow.