The Houston Rockets are set to sign forward Jabari Smith Jr. to a five-year, $122-million rookie contract extension, sources told ESPN's Shams Charania.

The contract is fully guaranteed and will keep Smith in Houston through the 2030-31 campaign.

Smith averaged 12.2 points and seven rebounds in 57 games last season. He also shot 35.4% from beyond the arc and a career-best 82.4% from the free-throw line.

The Rockets selected him third overall in the 2022 NBA Draft following a standout freshman campaign at Auburn.

It's the latest transaction in what's been an eventful offseason so far in Houston. The Rockets already acquired Kevin Durant in a blockbuster trade with the Phoenix Suns and re-signed starting point guard Fred VanVleet, among other moves.