Anthony Davis and the Los Angeles Lakers have agreed a three-year, $186m (£145m) contract extension through to the 2027-28 season, according to US reports.
The deal averages $62m per season, making it the richest annual salary in league history.
Davis became eligible to sign an extension on Friday and the Lakers quickly locked up the eight-time All-Star power forward.
ESPN first reported that the Lakers and Davis struck the deal, citing Klutch Sports CEO Rich Paul.
Despite Davis’ lack of durability during his four-year tenure with the Lakers, the team had no qualms making the deal.
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A look at Anthony Davis’ dominant performance to help lead the Lakers to a win in Game 3 of their Playoff series against the Golden State Warriors
Davis, 30, signed a five-year, $189.9m (£149m) contract with the Lakers ahead of the 2020-21 season. He is owed $40.6m (£32m) for the upcoming season and $43.2m (£34m) for 2024-25.
Signing Davis to an extension now gives the Lakers one star to build around, given the probability that 38-year-old LeBron James doesn’t have a long future with the team.
Davis was the No. 1 overall pick by New Orleans in the 2012 NBA Draft.
In 660 career games (653 starts) with the New Orleans Hornets/Pelicans (2012-19) and the Lakers, Davis has averages of 24.0 points and 10.4 rebounds per game.
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Anthony Davis scored 38 points for the Los Angeles Lakers against Minnesota Timberwolves
Last season, he averaged 25.9 points and a career-high 12.5 rebounds per game in 56 games (54 starts).
He never has played a full season with the Lakers, slowed by a variety of injuries. The 62 games he played in 2019-20 are his Los Angeles high.
Davis is a four-time All-NBA first-team and two-time All-Defensive first-team selection.