While the deals have not yet been finalized, they are both believed to be in six-year range and worth an annual average of roughly $5.5 million. The Islanders have called a news conference for Thursday to "make an announcement regarding the future" of their star centreman.
Both Tavares and Myers have one year left remaining on their entry-level deals signed in 2009.
Tavares was taken by the Islanders first overall in the 2009 NHL Entry Draft. He scored 29 goals and added 38 assists while registering a minus-16 in 2010-11. He scored 24 goals and added 34 assists as a rookie in 2009-10.
Myers won the 2010 Calder Trophy after putting up 11 goals and 37 assists in his rookie season. He scored 10 goals and added 27 assists and 40 penalty minutes in 2010-11. Myers was selected in the first round, 12th overall, by the Sabres in the 2008 NHL Entry Draft.
More details to follow.