The Canucks gave the 33-year-old twins matching $28.5 million deals, paying them $7 million each of the four seasons, a source told ESPN.com's Pierre LeBrun.
The Sedins could have become unrestricted free agents next summer, but instead decided it was in their best interest to stay in Vancouver.
"We want to win. That's the bottom line," Daniel said. "You realize as you get older, your chances are getting slimmer and slimmer.
"We want to have a good team around us, and I think we do."
Henrik Sedin -- the Canucks captain -- began Friday leading the NHL this season with 15 assists, and he was tied for second with 18 points. Daniel Sedin is tied for seventh with 15 points (six goals, nine assists).
"People that know us, know that money is a small part of the whole negotiation thing," Henrik said. "We've always loved it here. Our families love it here, and that's a major thing. To be part of a great team for the next couple years, that was the most important thing for us.
"If you go to become (an unrestricted free agent), you're going to maybe get more money somewhere else, but that was never part of the discussion."
The twins have been with the Canucks since Daniel was selected No. 2, and Henrik was chosen one pick later in the 1999 NHL draft.
Henrik holds Canucks franchise records for most points (792), assists (610), and consecutive games played (629). He also has a franchise-best plus-200 rating, and is second in team history in games played (940) and third in winning goals (33).
Daniel ranks second with 773 points.
Information from The Associated Press was used in this report.