VANCOUVER - The Vancouver Canucks have agreed to a 12-year contract extension with star goaltender Roberto Luongo.

The deal, reportedly worth US$64 million, will keep the 30-year-old Canucks captain in Vancouver until the 2021-22 season.

"I'm very excited," Luongo said on a conference call Wednesday. "Once the season was over, I took a few weeks and it was a clear decision for me and my family. We love Vancouver and I think the organization has handled us really well and gives us a chance to win, so were really ecstatic."

The deal would pay more in the early years and count for an average of $5.33 million against the salary cap. Luongo could retire earlier than the full length of the contract with no cap consequences for the Canucks.

Vancouver GM Mike Gillis called it an exciting day.

"Roberto Luongo is the leader of our hockey team," Gillis said. "He is in the prime of his playing career and has a tremendous desire to make the Canucks a championship team. His leadership, competitiveness and character are what this team will represent for many years to come."

He earned $7 million last season and was due to earn $7.5 for the upcoming campaign, which was the final year of his existing contract.

Luongo was 33-13-7 last season with a franchise-record nine shutouts and is expected to challenge Martin Brodeur for the starting job with Team Canada at the Olympics.

The Canucks were ousted in the second round of last season's playoffs by the Chicago Blackhawks, but Luongo said he remained committed to Vancouver.

"Obviously it was a disappointing ending but once you're removed from that, a few weeks later you kind of analyze where you're at, where the teams at and where you want to go," Luongo said. "I thought we had a chance last year to win with the team that we had, and at the end of the day, that's really all you can ask for.

"Were all in it to win the Stanley Cup and I'm really looking forward to the opportunity over the next few years to try to bring one to Vancouver."

In 544 career games the Montreal native is 230-232-64 with a 2.57 goals-against average.

Luongo, whose play frequently draws cheers of Lo-o-o-o-o at GM Place, is a workhorse who wants to start every game.

But his 54 appearances in 2008-09 was the lowest since he entered the NHL in 2000-01 with the New York Islanders, who drafted him fourth overall in 1997.

That was because a groin injury suffered in a 3-1 victory Nov. 22 in Pittsburgh sidelined him 24 games. The Canucks were 9-12-3 during his absence.

Luongo was in all-star form prior to the injury, setting a club record of 232 minutes 36 seconds of shutout hockey.

Vancouver was a surprise Northwest Division winner last season but was eliminated in the second round of the playoffs in a wild 7-5 Game 6 loss to the Blackhawks in Chicago.

In an unusual move last season, the Canucks named Luongo team captain. The league does not officially recognize his captaincy and there's no C on his sweater as rules forbid goalies from roaming to the penalty box area to discuss calls with referees. He wears the C on his mask.

Luongo was obtained on the eve of the June 2006 NHL entry draft by then general manager Dave Nonis.

The blockbuster deal packaged forward Todd Bertuzzi, defenceman Brian Allen and goalie Alex Auld to the Florida Panthers.

Luongo, defenceman Lukas Krajicek, no longer with Vancouver, and a sixth-round draft pick came to the Canucks.