Higgins has signed a four-year, $10 million contract that carries an annual average value of $2.5 million against the salary cap, according to Pierre LeBrun of ESPN.
The 29-year-old forward was playing in the final year of a two-year, $3.8 million contract that carried an AAV of $1.9 million against the cap. He was set to become an unrestricted free agent in July.
Originally selected with the No. 14 overall pick in the 2002 NHL Entry Draft by the Montreal Canadiens, Higgins has played in 517 career NHL regular season games and has also spent time with the Rangers, Panthers and Flames. Acquired by the Canucks from Florida for a third-round draft pick in the 2013 draft, Higgins has played in 120 games with Vancouver.
In 35 games this season, he has recorded nine goals and five assists for 14 points. Higgins has averaged 16:23 of ice-time per game, including an average of 1:58 on the penalty kill.