Damian Lillard extension likely to top $120 million, sources say

The Portland Trail Blazers and Damian Lillard are nearing agreement on a maximum five-year contract extension that is expected to top $120 million in value, according to league sources.

Sources said the Blazers and the All-Star point guard soon will finalize a five-year extension that will kick in starting with the 2016-17 season.

First-round picks from the 2012 NBA draft such as Lillard are eligible to negotiate contract extensions now through Oct. 31. But like any free-agent deal throughout the league, they can't be formally signed until July 9, when a leaguewide moratorium on player business is lifted.

The exact figures of the extension will depend on how much the NBA salary cap actually rises in 2016, but sources said the Blazers are prepared to pay Lillard, 24, the maximum amount they're allowed to and make him their designated player.

Lillard, the sixth overall pick in the 2012 draft out of Weber State, has excelled in his three seasons in the league. He was named Rookie of the Year for the 2012-13 season, and followed that up with two consecutive All-Star campaigns.

Lillard has career averages of 21.0 points, 6.1 assists and 1.0 steals.

His expected extension comes as the Blazers expect to lose star center LaMarcus Aldridge in free agency. Portland did reach agreement with free-agent forward Al-Farouq Aminu.