The Orlando Magic agreed to a four-year, $50 million deal with big man Wendell Carter Jr., according to reports on Friday.
Carter was slated to become a restricted free agent following the season.
Orlando acquired the 6-foot-10 Carter from the Bulls last March as a prime rebuilding piece in the deal that saw two-time All-Star Nikola Vucevic go to Chicago.
He averaged 11.7 points and 8.8 rebounds in 22 games (19 starts) for the Magic. The 22-year-old has career averages of 11 points and 8.2 boards in 141 games (131 starts) over three seasons.
Carter will earn $6.9 million this season in the final year of the rookie contract he signed with the Chicago Bulls in the summer of 2018.
Carter was the No. 7 overall pick by the Bulls in the 2018 draft.