Damian Lillard and the Trail Blazers are "working toward" an agreement on a four-year, $196 million contract extension, according to The Athletic.
The four-year deal will begin in 2021-22 and includes a player option in the final year, Yahoo Sports reported. He had two years remaining on a five-year, $139 million deal he signed in 2016.
The new extension comes after one of Lillard's best seasons of his career as he led Portland to the Western Conference finals, though they fell to the Warriors.
He caught everyone's attention when he made a seemingly impossible shot, hitting a 37-foot 3-pointer with no time remaining to clinch the series and eliminate the Thunder from the first round.
The 28-year-old guard is entering his eighth NBA season after he was drafted by Portland with the sixth overall pick in the 2012 NBA Draft. He's averaged 25.8 points with 6.3 assists and 4.2 rebounds while shooting 43.4 percent from the field.