The Utah Jazz have signed forward Lauri Markkanen to a five-year, $238million contract that includes money added to next season’s salary and four additional years through the 2028-29 campaign.

The 2022-23 All-Star and NBA Most Improved Player will see his salary increase from $18million to $42 million next season before earning $196million from 2025-29.

“I’m excited to get this extension done,” Markkanen said. "I’m excited to get back to work and build with this franchise.”

The Minnesota Timberwolves selected Markkanen with the seventh overall pick in the 2017 NBA Draft before dealing him to the Chicago Bulls in a draft-night trade.

Markkanen went on to earn First-Team All-Rookie honours in 2017-18 before Chicago traded him to the Cleveland Cavaliers in August 2021.

He spent one season with the Cavaliers before they dealt him to Utah in the trade that sent Donovan Mitchell to Cleveland.

Markkanen averaged a career-high 25.6 points in his first season with the Jazz in 2022-23 while adding 8.6 rebounds per game. He was named an All-Star for the first time as well as the NBA’s Most Improved Player.

The 27-year-old Finland native followed that campaign by averaging 23.2 points and 8.2 rebounds last season.

Markkanen's 1,004 made 3-pointers rank third all-time in NBA history for players seven foot or taller behind Dirk Nowitzki (1,982) and Channing Frye (1,049).