The Oklahoma City Thunder and center Chet Holmgren agreed to a five-year maximum rookie contract extension worth up to $250 million, agent Billy Duffy of WME Basketball confirmed Wednesday.

Chet Holmgren has agreed on a five-year contract extension worth nearly $240 million to remain with the NBA champion Oklahoma City Thunder, a person with knowledge of the deal said Wednesday. The person spoke to The Associated Press on condition of anonymity because the signing has not yet been announced.

Chet Holmgren has agreed on a five-year contract extension worth nearly $240 million to remain with the NBA champion Oklahoma City Thunder, per multiple reports. ESPN, which first reported the deal, citing agent Bill Duffy, said it could eventually be worth $250 million because of various contract escalators.