After the two sides failed to agree to terms on a new deal, P.K. Subban and the Montreal Canadiens are set to head to arbitration.

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NHL.com reports that both sides have failed to come to an agreement and will now have an arbitration hearing. Subban, 25, led the Canadiens with 43 assists last season and was second on the team and fifth among NHL defenseman with 53 points.

Subban helped lead Montreal to the Eastern Conference Finals last season by scoring five goals and leading the entire team in assists (nine) and points (14) in the playoffs.

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The defenseman played in all 82 games last season and all 17 postseason games as he averaged 27:26 of ice time per game. He earned $3.75 million last season and is looking for a pay bump heading into 2014-15.

There have been multiple reports that the sides remain far apart on a deal and Subban confirmed that he and his agent, Don Meehan, are working with the Canadiens on a pact that works for both sides.

"When it comes to hockey and sports, obviously there's the CBA [collective bargaining agreement], so everybody has to operate within the CBA," Subban told TSN 690 in Montreal. "We understand that. When it comes to negotiation, I let my agent take care of that. Obviously I've been adamant and I've repeated it many times ... I'm sure if you look at all the interviews and the many interviews that I've done in Montreal over the past four years about how I feel about the province, the team and the organization, it's all been consistent. So there's no reason for anybody to think that that has changed."

Subban and the Canadiens can still work out a deal in the arbitration process, otherwise he'll take the arbitrator's award.

Subban said negotiating is part of the business, but he's been happy with the communication between both sides.

"In terms of a negotiation, this is business now. This is not just about P.K. the hockey player. This is business between what's best for P.K. and what's best for the organization, and it's been mutual respect on both sides," he said. "Obviously over the years you've seen many negotiations throughout the league that have maybe gone sour, maybe have gone really good, haven't lasted long, but I have to say in respect to this negotiation it's been completely respectful on both sides. It's been great."

He added: "I'm happy with the communication, the level of communication. Both sides are working hard to get something done. Obviously we understand the time frame and I'm sure my agent is having many conversations with Marc [Bergevin, Canadiens general manager] over the next 48 hours. I haven't heard from him this morning, but I'm sure that they're having many conversations, as everyone else would expect."

The 2013 Norris Trophy winner also said he has faith his agent will help him work something out.

Subban, a Toronto, Ontario native, was selected by Montreal in the second round (43rd overall) of the 2007 NHL Draft. In 284 games spanning five years with the Canadiens, Subban has 42 goals, 125 assists and 167 points while logging a 23:09 average time on ice.

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