Philadelphia 76ers All-Star guard Tyrese Maxey has agreed in principle on a five-year, $204 million maximum contract extension, sources told ESPN on Monday.

Maxey and his agents -- CEO of Klutch Sports Rich Paul and Mark Murray -- waited a year on the deal to allow the Sixers to maximize salary cap space and now land on a deal in the wake of Maxey's breakout All-Star season at 23 years old.

Maxey can formalize the extension once the league's free agency signing moratorium ends on Saturday. The deal doesn't include an option, sources said.

Maxey is the franchise's future face and the connective tissue between All-NBA center Joel Embiid and the arrival of All-NBA forward Paul George in free agency. Maxey averaged 25.9 points and 6.2 assists for the Sixers a season ago -- including nearly 30 points a game in the Sixers' six-game opening round playoff loss to the New York Knicks.

Maxey was the 21st overall pick out of Kentucky in the 2020 NBA draft and has averaged 18.2 in his four seasons with the Sixers.