Gilles Lupien, who represents Luongo, said Luongo wants a shorter deal than the offer the Panthers made earlier this month.
"We've said no to the offer," Lupien told the newspaper by phone from Montreal. "We're going to wait until the season is over, and then we are going to talk. We want to wait until at least April."
Luongo is 20-20 with a 2.95 goals against average and a .915 save percentage for the Panthers. On Saturday night Florida was 20-24-8 and fourth in the Southeast Division.
According to a source, which the Post did not name, the Panthers' offer would pay Luongo $3.6 million for the first season and $6.6 million in years two through five. Luongo is eligible for free agency after the 2006-07 season.
Luongo was awarded $3.2 million by an arbitrator last summer when the two sides could not agree on a contract.