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The Utah Jazz signed All-Star forward Lauri Markkanen to a new five-year, $238 million agreement Wednesday.

His agent confirmed to ESPN that the renegotiated deal and extension includes $220 million in new money.

Markkanen, 27, had one year and $18 million left on his contract. The new deal raises his 2024-25 salary by $24 million and adds four seasons and $196 million, per Michael Lelchitski of Sports International Group.

The 7-footer from Finland was named the NBA’s Most Improved Player in his first season with Utah in 2022-23 and earned his first All-Star selection that same season.

Markkanen averaged 23.2 points and 8.2 rebounds and shot 39.9 percent from 3-point range in 55 starts last season.

A first-round pick (No. 7 overall) in the 2017 NBA Draft, Markkanen has career averages of 18.1 points and 7.3 rebounds in 403 games (377 starts) with the Chicago Bulls (2017-21), Cleveland Cavaliers (2021-22) and Jazz.

According to his agent, the extension also precludes Markkanen from being traded for six months. That stretches beyond the Feb. 6 trade deadline, meaning Utah could not move him until next offseason at the earliest.

–Field Level Media