Jul 1, 2008 - 5:54 PM
0 shoutsNEW ORLEANS (Ticker) -- New Orleans Hornets point guard Chris Paul reportedly is on the verge of signing a lucrative new contract extension.
Paul and the Hornets agreed in principle Tuesday to an extension of either four or five years, according to a report by the New Orleans Times Picayune.
Citing an interview with Paul's agent, Lance Young, the newspaper reported that the contract will range from $60 million to $80 million.
By NBA rules, the deal cannot be officially announced until July 9, when the league's free agent moratorium ends. But Young told the Times Picayune that the extension likely will be finalized by Thursday.
"We're going to try and get it done in the next 24 to 48 hours," Young told the newspaper. "I think if you go back and look, there's nobody who did a three-year deal of all the max deals done in the last few years.
"I would say three years is not what (Paul) is going to do. It will be a four or a five-year deal."
Young could not be reached for comment, and the Hornets did not comment on the report when contacted by PA SportsTicker.
Paul, 23, emerged as one of the best point guard in the NBA this past season, when he spearheaded the Hornets to a franchise-record 56 regular-season wins. The runner-up to Kobe Bryant for the league's MVP, Paul averaged a league-leading 11.7 assists and 2.7 steals.
The 2006 NBA Rookie of the Year and a first-time All-Star in 2008, the 6-foot Paul also averaged 21.1 points this past season.
