The Phoenix Suns star has agreed on a four-year, $224 million supermax extension with his agents, according to a report.
Booker's contract value will increase to six years and $295 million by the year 25.
Booker has become the face of the Suns franchise since being drafted 13th overall by Phoenix in the summer of 2015, and has led the Suns to the NBA finals in 2021.
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He has agreed to a four-year extension that will keep him in Phoenix through the 27th season.
Booker made his third straight All-Star appearance and finished fourth in the league's Most Valuable Player award voting. He was named to the All-NBA first team as a member of the Phoenix Suns, who finished with a league-leading 64-18 record.
Booker made the All-NBA team this past season, which made him eligible for the supermax from the Suns this summer.
The season came to a disappointing end for Phoenix when it lost to Dallas in the Western Conference semifinals.
The Suns want to turn things around in a positive way this off-season. The future of starting center Deandre Ayton, who is a restricted free agent, and the status of forward Cam Johnson, who is a restricted free agent, will be the focus of Phoenix's attention.
Sources said the Suns are one of the teams Kevin Durant wants to be traded to.
After Phoenix hadn't won more than 39 games through Booker's first six NBA seasons, the Suns have gone a combined 115-39 over the past two years.
The Suns hope for continued growth from Booker, who has blossomed into one of the league's elite guards during his eight seasons in the Valley of the Sun.
Booker, who had scored 70 points in a game in Boston earlier in his career, had several massive games during Phoenix's playoff run two seasons ago, including scoring 47 to close out the Los Angeles Lakers in the first round of the playoffs.