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(Reuters) - The Phoenix Suns have agreed to a new five-year contract with restricted free agent Eric Bledsoe, the team said on Wednesday.
Local media reported the contract is worth $70 million.
"We are thrilled Eric Bledsoe will be in a Phoenix Suns uniform for years to come," General Manager Ryan McDonough said in a statement. "We feel he is well on his way to establishing himself as one of the elite players in the NBA."
The 24-year-old Bledsoe averaged a career-high 17.7 points, more than double his previous season's production, and 5.5 assists in 43 games last season, though he was affected by leg injuries.
Phoenix won 48 games last season and narrowly missed the playoffs.
Writing by Jahmal Corner in Los Angeles; Editing by Greg Stutchbury