The Toronto Maple Leafs are closing in on a contract extension with their defenceman and captain Dion Phaneuf, according to multiple sources.

The deal is believed to be worth $49 million US over seven years.

The two sides were working on the language of the contract regarding no-trade and no-movement clauses, a source told's Mike Brophy.

The 28-year-old blue-liner has been captain of the Leafs for the last four seasons.