Joel Embiid, a star center, has officially signed a three-year contract extension worth $192.9 million with the Philadelphia 76ers, as reported by a source close to the matter to YSL News Sports.

The source asked to remain anonymous since they were not authorized to discuss the financial specifics publicly.

As of now, the 2022-23 NBA MVP’s contract with the Sixers spans five years, totaling just over $300 million. The team confirmed the contract extension but did not disclose any financial details.

“Joel has firmly established his legacy as one of the greatest players in 76ers history and is well on his way to becoming one of the best ever in the game,” stated Sixers owner Josh Harris. “We are thrilled that this extension allows him and his family to stay in Philadelphia for many more years. Joel is a remarkable family man, a leader, and a wonderful person. His unique combination of size, strength, and athleticism makes him an exceptional two-way player, a rarity in our league. He is crucial to our franchise’s goal of winning another NBA championship, and we are proud that he continues to choose this team as his NBA home.”

Coming off his seventh straight All-Star season, Embiid played only 39 games last season after winning the MVP title and earning his fifth All-NBA selection the year before. He also contributed to the U.S. team with a gold medal at the 2024 Paris Olympics. Last season, Embiid averaged impressive stats of 34.7 points, 11 rebounds, 5.6 assists, 1.7 blocks, and 1.2 steals while shooting 52.9% from the field.

“I began my career as a Sixer and I want to finish it here. I had no idea back when I was drafted as a 20-year-old from Cameroon just how fortunate I was to land in Philadelphia,” Embiid expressed. “Through all the challenges and triumphs, the city and its fans have meant everything to me, and I deeply appreciate how they’ve welcomed me. I want to thank Josh, (co-owner) David (Blitzer), and the entire organization. Philadelphia is home and it’s time to bring a championship to this community.”

The 76ers have high hopes for a championship but haven’t reached the conference finals since making it to the NBA Finals in 2001. This offseason, they also secured an extension with All-Star guard Tyrese Maxey and signed Paul George in free agency.

With Embiid in good health, the Sixers are expected to be contenders in the Eastern Conference alongside Boston, New York, and Cleveland.