The two sides have agreed on the total years of the restricted free agent's new deal but are still negotiating his salary, George Richards of the Miami Herald reports.
Talks will reportedly continue Thursday.
The Panthers have two weeks to finalize a contract before training camp begins, and the club "seems confident they have plenty of time to get (a) deal done)," according to Richards.
General manager Dale Tallon told Richards in June that the club had opened talks with Huberdeau and forward Jimmy Hayes, who was traded to the Boston Bruins for Reilly Smith and Marc Savard's contract on July 1.
Huberdeau scored 15 goals and added 39 assists in his third season with the Panthers.