The Montreal Canadiens re-signed restricted free-agent goaltender Carey Price to a two-year, $5.5 million US contract on Thursday.

Price played out his rookie contract earning $850,000 US last season. The agreement ends two months of negotiations.

"I'm excited. It took a little longer than expected but I'm happy to have it done before heading back to Montreal," Price told reporters on a conference call.

General manager Pierre called Price "a key member" of the hockey club.

"He has proven that he has what it takes to be a good goaltender in the league, and we are confident he will perform to the best of his abilities for years to come in a Canadiens uniform," Gauthier said.

Selected with the fifth overall pick in the 2005 NHL draft, the 23-year-old netminder is coming off a shaky season in which he saw former teammate Jaroslav Halak backstop the Canadiens to an unexpected trip to the Eastern Conference final.

While Price split duties with Halak in the regular season, it was the popular Slovakian who received all but a few meaningless minutes during Stanley Cup Playoffs.

In a move that angered many Habs fans, Gauthier traded Halak to St. Louis in the off-season in return for for prospects Lars Eller and Ian Schultz.

In 41 games last season, Price posted a 13-20-5 record with a 2.77 goals against average and a .912 save percentage. He also played in four playoff games for the Habs.

"I know I have to play better," Price admitted. "I'm not putting the onus on anyone else."

Price arrived in Montreal with significant hype after leading Canada to a gold medal at the 2007 world junior championship in Leksand, Sweden. He enhanced his resumé later that year by helping the Hamilton Bulldogs to the AHL's Calder Cup title.

Price was named MVP for both tournaments. When he emerged in Montreal for the 2008-09 season, Price put together a solid rookie campaign, going 24-12-3 with a 2.56 goals-against average in 41 games. He then guided the Canadiens to the second-round of the post-season.

Things unraveled for the Williams Lake, B.C., native the following season, when his GAA (2.83) and save percentage (.905) dipped.

The playoffs only made matters for Price, who along with the rest of the Canadiens, suffered an embarrassing four-game sweep at the hands of the Boston Bruins in the opening round.

In the elimination game at the Bell Centre, Price allowed four goals in two periods, prompting the frustrated fans to cheer sarcastically after the goalie made a save off a weak shot.

Price responded by raising his arms to the air.

Now the unquestioned starter, Price will have to win back support from the Montreal faithful, which was hoping Gauthier would re-sign Halak after his memorable performance in the playoffs.

"There are always challenges playing in Montreal, but the only real challenge is what I put on myself," he said