OTTAWA - Chris Phillips is staying put in Ottawa.

The veteran defenceman, who has played all 925 games in his career with the Senators, has signed a new three-year deal worth a reported US$9.25 million.

There has been speculation that Phillips might be on the move, given the slumping team's shuffling recently. But the team and player opted for a contact extension instead.

"There's a lot of factors for wanting to stay, on the ice and off the ice," Phillips told TSN. "As far as the team's concerned, yes we're in a rebuild but I don't think it's going to be a long wait to get back to it. We've got a lot of young guys that have shown a lot of promise, that are going to be exciting to watch the next couple of years. And I still feel pretty young. I don't feel like this is my career-ending contract."

The 32-year-old from Calgary was taken first overall in the 1996 NHL draft.

He has 60 career goals, 173 assists and 655 penalty minutes.

He is making $3.5 million this season.