"It's an exciting time for me and my family," Sharp said. "It feels good to know that I'm wanted here in Chicago, and I can't wait to get playing.
"With the extension of the contract -- when things are said and done -- it would be 10-12 years as a Blackhawk, and to me that's a heck of a career. Hopefully it goes longer than that. I don't want to play anywhere else. There are so many reasons to stay here."
Sources broke down Sharp's new contract for ESPN's John Buccigross. He is slated to earn $2 million in 2012-13 with a $4 million bonus. He gets $3.5 million in 2013-14 with a $3 million bonus, $4.5 million in 2014-15 with a $2 million bonus, $5.5 million in 2015-16 and $5 million in 2016-17.
Sharp is scheduled to make $4.2 million in the last year of a four-year deal he signed in January 2008.
The contract contains a modified no-trade clause, according to a source familiar with the situation.
"We certainly know where his value is internally as well as externally," general manager Stan Bowman said. "It's no secret teams would ask about Patrick all the time. They would say, 'What about Sharp? Would you trade him?' And the answer was always 'No,' so you know there is a lot of value there."
The Blackhawks and Sharp were allowed to begin negotiating on a new deal on July 1 and almost immediately began talking. This extension was signed more quickly than those for previous stars under Bowman's watch. The Hawks inked Duncan Keith, Patrick Kane and Jonathan Toews to long-term deals in November 2009 during the final year of their respective contracts. Last season, Brent Seabrook was signed to a five-year deal in late February near the end of his contract. Sharp will go to training camp with a deal already in place.
Sharp, 29, scored a team-high 34 goals and ranked third on the team with 71 points last season. He was acquired in 2005 from the Philadelphia Flyers for Matt Ellison and a third-round pick. He went his first 25 games as a Hawk before scoring his first goal but has become the quintessential sniper playing wing and center, along with point, on the power play. He led the Hawks with 12 power-play goals last season. He's never scored less than 20 goals in his five full seasons as a Blackhawk.
During the Hawks' Stanley Cup winning season of 2010, Sharp had 66 points and added 11 goals and 11 assists during the playoff run.
Sharp was the MVP of last season's All-Star Game.
Jesse Rogers covers the Blackhawks for ESPNChicago.com and ESPN 1000.