Lecavalier signed an 11-year extension worth $85 million, according to reports. The deal will officially be announced at a news conference Tuesday.
Lecavalier, the Lightning's No. 1 draft pick in 1998, has one more year left on his current four-year, $27.5 million contract, and he would have been an unrestricted free agent in July 2009.
Lecavalier, 28, already has his name on the Stanley Cup, which the Lightning won in 2004. He holds the franchise records for points (602), goals (273) and games played (710).
This past season, he had 40 goals and 92 points, finishing seventh in the league in scoring despite the Lightning's last-place standing.
His season ended April 15 when he had surgery to repair the labrum in his right shoulder, an injury suffered April 3 in a game against the Washington Capitals.
The team has said that Lecavalier should be ready for the start of training camp in September.
The Lightning's new owners, Oren Koules and Len Barrie, have been proactive in getting the key elements to their new property secured. They focused on getting Lecavalier's deal settled; hired former ESPN analyst Barry Melrose as the new coach; and as a bonus, drafted highly touted forward Steve Stamkos with the No. 1 overall pick.
Information from The Associated Press was used in this report.