Philadelphia GM Paul Holmgren didn't confirm the signing of Mark Streit, which isn't surprising.

Announcing a deal would violate the salary cap right now, so Holmgren's official statement was that there's "nothing to report." He added that he continues to have talks with Streit's agent and he "remains confident that we will get something done," but according to reports the two sides have agreed in principal to a 4-year, $21 million contract.

Mark Streit's new four-year contract with Philadelphia will reportedly come with a $5.25 million cap hit.

That's in line with what was projected, but it is still a ton of money for a team that's in a rough cap position. Assuming that the reports that Streit has signed are true, Philadelphia will need to do something significant just to get under the ceiling. It's believed that they will use their compliance buyouts on Daniel Briere and Ilya Bryzgalov, which will take both players off their books from a cap perspective.

Mark Streit has reportedly signed a four-year deal with the Philadelphia Flyers.

Streit was scheduled to become an unrestricted free agent this summer. Philadelphia acquired the rights to Streit from the New York Islanders in exchange for Shane Harper and a fourth-round draft pick in 2014. He'll turn 36 in December, but he's still a great offensive defenseman and particularly effective with the man advantage. The financial terms of the deal aren't known yet, but he was reportedly seeking something north of $5 million annually. The Flyers' cap situation was bad to begin with and it's likely they'll fix that by using their compliance buyouts on Daniel Briere and Ilya Bryzgalov.

Mark Streit is excited that Philadelphia acquired him and he believes that a new deal can be reached between his representatives and the Flyers.

"I'm pretty confident," he said. "I think that maybe they need a few days or weeks, but I'm pretty positive. It'd be awesome to play for the Flyers. The future is bright. They were in the Cup Finals three years ago and there is so much skill and a great mix between veteran players and young players, so I'm pretty confident and I truly hope it's going to get done soon." Streit is reportedly seeking a four-year contract north of $5 million per season.

Philadelphia GM Paul Holmgren is hopeful that the Flyers can sign Mark Streit, who was recently acquired from the New York Islanders.

"Mark is a player we would have had interest in on July 5," Holmgren said in a statement. "We now have exclusive negotiating rights and we are hopeful that we can get an agreement in place prior to him becoming a UFA." Streit reportedly turned down a three-year deal worth around $5 million a season from the Islanders, so if the Flyers give him a lucrative contract then it will probably spell the end of Daniel Briere and/or goaltender Ilya Bryzgalov in Philadelphia.

Mark Streit has been acquired by the Philadelphia Flyers.

In exchange, the New York Islanders have received Shane Harper and a fourth-round draft pick in 2014. The Flyers will now work to sign Streit before he can become an unrestricted free agent on July 5.

According to a source, the Islanders offered Mark Streit a three-year deal worth around $5 million a season, but the team captain turned it down.

Streit is reportedly looking for more than $5.5 million per season. This year's free-agent crop of defenders is rather thin so he might get that type of a deal elsewhere. Streit can still produce offensively so it's worth monitoring where he ends up as an unrestricted free agent.

Mark Streit will not return to the New York Islanders and will become a free agent, sources tell Newsday's Arthur Staple.

Staple reports Streit turned down the Islanders' best offer, meaning the team will need to find a new captain. Streit had said in the past that he wanted to return, but it's important to note that Staple didn't immediately say how much the offer was. At this point, it's hard to know if this is a matter of the Islanders undercutting the defenseman or Streit holding out for a free-agent payday. Streit had six goals and 27 points in 48 games this season and should fetch a nice contract as a free agent.

Mark Streit, who is eligible to become an unrestricted free agent, wants to stay on Long Island.

"I've said it all along, I want to be back," Streit said. The Islanders captain posted six goals and 27 points in 48 games this season, while collecting five points in six playoff contests. Streit has played for the Islanders for the last four years and the two sides had reportedly started working on an extension prior to the end of the regular season.

Mark Streit potted two goals and added an assist in a 6-4 win for the New York Islanders in Game 4 of their quarterfinal series versus Pittsburgh.

He has five points in four playoff games. Kyle Okposo continued his excellent playoffs with a goal in the match, while John Tavares, Brian Strait and Casey Cizikas also scored for the Islanders. Cizikas also collected two helpers in the win. Brad Boyes contributed three helpers and defenseman Travis Hamonic had two. Body check-machine Matt Martin led the team with seven hits.