Alexander Semin and the Washington Capitals on Saturday agreed to a one-year contract extension for the 2010-11 season. It is worth $6 million, a team source said.
Semin is in the final season of a two-year, $9.2 million contract and would have been a restricted free agent July 1.
"I am just extremely happy to sign here because I like this team," Semin said through an interpreter. "I've been playing for this team for a very long time, and everything here is so native to me now."
Semin will be an unrestricted free agent after next year. He was a first-round pick in 2002 and has 248 points in his career, including 32 in 29 games this season.
"This is a player we've drafted and developed, and he's become a very, very good player," general manager George McPhee said. "He can be an even better player. ... He's an exceptional talent, and you keep working with these kinds of talents because we don't get them very often."