"I'll be on the hook for some team dinners here or there, but I don't mind," Kessel said at a news conference in Montreal on Tuesday. "This is the place I want to play. I want to finish my career here. It's a great city, the organization's unbelievable, and I'm really excited to continue here."
The two-time All-Star, who will turn 26 on Wednesday, was drafted by the Bruins with the fifth overall pick in the 2006 NHL Entry Draft. His new deal includes a limited no-trade clause.
"The one knock that Phil had on him, that I think was totally unfair, is that he wasn't a great teammate," Maple Leafs general manager Dave Nonis said. "That's completely untrue. He's quiet, maybe he's not outgoing as some of the people in a Canadian market would like, but he's a great teammate. He's well-liked by everybody in our room."
TSN in Canada was the first to report a potential deal.
Kessel, whose previous contract was to expire after this season, had expressed a desire to get a deal done before the opener or halt negotiations until after the season. The Leafs open Tuesday night against the Montreal Canadiens.
Really happy to be a Toronto maple leaf for the next 8 year.
— Phil Kessel (@PKessel81) October 1, 2013
Kessel, expected to play for Team USA at the 2014 Olympics in Sochi, led the Leafs in scoring last season with 52 points (20-32) in 48 games. He has led Toronto in points in all four seasons since coming over from Boston.
Information from The Associated Press was used in this report.