Point guard Kemba Walker and the Charlotte Hornets agreed to a four-year, $48 million contract extension, multiple media outlets reported Tuesday.
The new deal will start with the 2015-16 season.
If the sides had not reached an agreement by Friday, Walker would have become a free agent next summer.
All 2011 first-round selections faced the same deadline. Cleveland Cavaliers point guard Kyrie Irving, Denver Nuggets power forward Kenneth Faried, Orlando Magic center Nikola Vucevic and Phoenix Suns power forwards Markieff Morris and Marcus Morris already agreed to new deals.
Others eligible for extensions prior to the end of the month include Orlando forward Tobias Harris, San Antonio Spurs forward Kawhi Leonard, Golden State Warriors guard Klay Thompson and Minnesota Timberwolves point guard Ricky Rubio.
Walker, 24, matched his career high last season with an average of 17.7 points per game. He added averages of 6.1 assists and 4.2 points, both career bests.
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