Updated: FOX 2: Holmstrom signed to a two-year deal

We have breaking news coming out of Detroit.

FOX 2 sports reporter Jennifer Hammond is reporting that Tomas Holmstrom has signed a two-year deal with the Wings.

Another Swede gets locked up by the Wings as the team comes to terms on a new two year deal with the net front warrior Tomas Holmstrom.

The 37-year-old scored 25 goals in 68 regular season games in 2009-10. I'll update this post as news begins to leak on the potential signing.

Update (5:51 PM): WXYZ-TV sports reporter Tom Leyden replied to me on Twitter regarding Holmstrom. He says he hasn't heard anything, but that's only due to the fact that he's been working on the Armando Galarraga story.

Update (6:22 PM): George Malik just pointed out that FOX 2 has posted Hammond's report online. "Sources" tell Hammond that Holmstrom has come to terms with the Red Wings. So far, she's the only media member to report the signing.

Update (6:25 PM): Hammond's report was also mentioned on FOX 2's 6:00 news broadcast.

Update (7:56 PM): Greg Brady out of AM 640 in Toronto tweeted about ten minutes ago that the contract is in fact for two-years, and the cap hit is 1.875 million per year. Sounds good to me.

Update (8:33 PM): Ansar Kahn files a report on the subject, saying the deal will likely be completed sometime next week. Brady has specifics on the cap hit after saying he got the figures right from the people who signed him, yet Kahn's report doesn't even mention financials and indicates that the deal is almost done, but not quite there.