Report: Grizzlies' Jackson agrees to new 5-year, $240M deal

Memphis Grizzlies big man Jaren Jackson Jr. is expected to agree to a five-year, $240-million maximum renegotiation and extension, sources told ESPN's Shams Charania.

Jackson's new contract adds four years to his existing deal and includes a player option in the final season, reports Charania.

Memphis selected the Michigan State product with the No. 4 overall pick in 2018.

Jackson finished fourth in Rookie of the Year voting during his debut campaign and has developed into one of the NBA's premier interior defenders.

The two-time All-Star has led the league in blocks on two occasions and is a three-time NBA All-Defensive team selection. He was named Defensive Player of the Year in 2022-23.

The 25-year-old averaged 22.2 points, 5.6 boards, two assists, 1.5 blocks, and 1.2 steals across 74 appearances last season.