NBA: Tracking 2015 Free Agency, Contract News

Aug 8, 2014; Akron, OH, USA; Cleveland Cavaliers forward LeBron James walks with his wife Savannah Brinson and sons Lebron James Jr. and Bryce James during the LeBron James Family Foundation Reunion and Rally at InfoCision Stadium. Mandatory Credit: Andrew Weber-USA TODAY Sports
Aug 8, 2014; Akron, OH, USA; Cleveland Cavaliers forward LeBron James walks with his wife Savannah Brinson and sons Lebron James Jr. and Bryce James during the LeBron James Family Foundation Reunion and Rally at InfoCision Stadium. Mandatory Credit: Andrew Weber-USA TODAY Sports /
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NBA Free Agency
Apr 29, 2015; Memphis, TN, USA; Portland Trailblazers guard Damian Lillard (0) during the final seconds against the Memphis Grizzlies in game five of the first round of the NBA Playoffs at FedExForum. Memphis defeated Portland 99-93. Mandatory Credit: Nelson Chenault-USA TODAY Sports /

Damian Lillard closing in on $120 million extension

According to a report, the Portland Trail Blazers and All-Star point guard Damian Lillard are finalizing a five-year extension that will be worth more than $120 million.

ESPN.com’s Marc Stein reported the deal, citing league sources. It would take effect in 2016-17, after his rookie contract expires.

Lillard was the sixth overall pick by the Trail Blazers in the 2012 NBA Draft and has been an All-Star each of the last two seasons after earning Rookie of the Year honors in 2013-14.

He averaged a career-high 21 points per game last season to go with 6.2 assists, 4.6 rebounds and 1.2 steals a night, while also posting the best defensive rating of his young career.

Lillard did slump from 3-point range last season, shooting a career-worst 34.3 percent during the regular season before putting up a 5-for-31 clunker from deep in a five-game loss to the Memphis Grizzlies in the first round of the playoffs.

Lillard led the NBA in minutes played in 2012-13, the first rookie to do so since Elvin Hayes of the San Diego Rockets in 1968-69.

Next: Spurs retain Green, trade Splitter