WILMINGTON, Mass. — is reporting that Bruins center Marc Savard has signed a seven-year contract extension.

The reported cap hit would be $4.2 million.

UPDATE: The Bruins at 5:02 p.m. sent out a release making the deal official for seven years. The total value of the deal is $28.05 million.

Savard is in the last year of his original four-year, $20 million deal and was scheduled to become an unrestricted free agent next summer.

This deal works out well for the Bruins, who after this deal is official will have close to $41 million accounted for against the cap next season with 11 players under contract. As Greg Wyshynski of Yahoo! points out, the cap hit for Savard will be less than for Calgary’s Daymond Langkow ($4.5 million), Nashville’s Martin Erat and David Legwand ($4.5 million each) and St. Louis’ Andy MacDonald ($4.7 million).

It’s great to see Savard’s representatives allowing for such flexibility and general manager Peter Chiarelli willing to make a creative move.