The Los Angeles Lakers and Luka Doncic wasted little time in agreeing to a lucrative three-season, maximum-salaried contract extension for the five-time All-NBA First Team superstar.

More news: Lakers, Luka Doncic Agree to Massive Contract Extension to Keep Superstar in LA

Per Shams Charania of ESPN, Doncic will have a player option for the 2028-29 season - the third year of the deal. Should he decline the option, the 6-foot-6 guard will be eligible for a five-season, $417 million maximum deal at that point.

The 26-year-old guard's new deal could is slated to be worth $160.8 million, provided the league's latest projection of its 7 percent cap increase. The deal could be worth up to $165.3 million, should the cap increase by 10 percent.

More news: Lakers Superstar Luka Doncic on Ne

See Full Page