The New York Knicks and Julius Randle have reportedly agreed to a long-term contract extension.
ESPN's Adrian Wojnarowski reports the All-Star forward agreed to a new four-year, $117 million deal, which elevated his previous contract's total value to five years and $140 million, his agents, Aaron Mintz and Steve Heumann of CAA Sports, confirmed.
The new agreement includes a player option for the 2025-26 season, the final year of the deal.
Randle had a breakout season in 2020-21, leading the Knicks to their first playoff appearance since 2013, while earning his first career All-Star appearance, as well as being named to the All-NBA Second Team and winning the NBA Most Improved Player award.
The former No. 7 overall pick enjoyed a career season averaging 24.1 points, 10.2 rebounds, 6.0 assists and a 41.1% from 3-point range during his second year in New York.
Randle was the first Knicks player to win the NBA Most Improved Award since its inception in 1985, with Denver Nuggets forward Michael Porter Jr. and Detroit Pistons forward Jerami Grant also being considered as finalists, Sports Illustrated reports.
News of the contract extension came one day after Wojnarowski reported Bronx native Kemba Walker agreed to a contract buyout with the Oklahoma City Thunder and, upon clearing waivers, planned to sign with the Knicks, sources confirmed.
The Knicks' busy offseason also included signing former Boston Celtics guard Evan Fournier, while also accepting team options to keep Alec Burks, Nerlens Noel and Derrick Rose.