Jazz to Sign Star Forward Lauri Markkanen to Massive Contract Extension, per Report

After being floated as a trade piece throughout the offseason, Markkanen is set to secure a contract extension to lock him in with the Jazz.

Mar 27, 2024; Salt Lake City, Utah, USA; Utah Jazz forward Lauri Markkanen (23) brings the ball up the court against the San Antonio Spurs during the first quarter at Delta Center. Mandatory Credit: Rob Gray-USA TODAY Sports / Rob Gray-USA TODAY Sports

The Utah Jazz and All-Star forward Lauri Markkanen are expected to agree to a "massive, long-term contract extension," according to a report from Shams Charania, T.J. Jones and Anthony Slater of The Athletic.

The extension is expected to be formally agreed upon after Wednesday, which would make Markkanen untradable for the upcoming 2024-25 season. Markkanen was one of the premier names on the trade market this offseason as the Jazz continue their rebuild.

According to the report, the extension will come via a renegotiation and extension of his current contract, which will allow the Jazz to use their $33 million of open cap space next season to sign Markkanen. The new contract is expected to exceed $200 million over five years, which will be the richest contract in the history of the Utah Jazz.

Markkanen's extension marks the end of a summer where multiple suitors came to the table to try to pry the All-Star away from Utah. The Golden State Warriors were especially aggressive in their pursuit of Markkanen this offseason but were unable to strike a deal that would have landed him in Golden State alongside Steph Curry and Draymond Green.

Now, the 27-year-old Markkanen will continue his ascent in Utah after averaging 23.2 points and 8.2 rebounds on 48.0% shooting from the floor and a 39.9% mark from three last season.