Breaking: Major development in Crosby contract talks.

It sounds like Sidney Crosby will remain in Pittsburgh.

In spite of the fact that there has been rampant speculation about Crosby's future as a Penguin since July 1st, when Crosby was eligible to sign a contract extension with the Penguins, it would now appear as though the two sides are rapidly closing in on an agreement when it comes to Crosby's next deal.

Penguins insider Josh Yohe was the first to break the news, citing sources with knowledge of both sides of the negotiations. From Yohe:

The team and player are confident a deal will be agreed upon and formalized soon, the sources said.

Crosby has stated many times in the past that he wants to me a Pittsburgh Penguin for the entire length of his career, but doubts seemed to creep in after July 1st came and went without a new deal for the Penguins captain.

There has been no confirmation yet of what Crosby's new deal could look like.

Crosby is coming off of a very team-friendly deal that had carried an average annual value and salary cap hit of just $8.7 million per season, a steal when you consider the fact that Crosby was considered to be the best player in the world during many years of that deal.

Despite being 36 years old Crosby continues to be a very effective player at the NHL level and is fresh off of a 40 goal season for the Penguins. Last year Crosby appeared in all 82 regular season games, scoring 42 goals and adding 52 assists for a whopping 94 points over that stretch.

It seems likely that Crosby will be due for a raise on this new deal, but the biggest question will be what the term will look like. At 36 years old I doubt very much that Crosby will sign for the max term of 8 years, and I expect something more in the range of 3-4 years would make more sense for both sides here.