Joel Embiid and the Philadelphia 76ers have agreed to a three-year, $192.9 million maximum contract extension that guarantees the former MVP a total of $299.5 million through the 2028-29 season, sources told ESPN's Ramona Shelburne.

Embiid announced that he and the team had agreed to the extension Friday morning, saying he hopes to remain a Sixer "for the rest of my career."

"Philadelphia is home. I want to be here for the rest of my career," Embiid wrote on Instagram. "I love this community and everything you've given me and my family. There is a lot more work to do. You guys deserve a championship and I think we're just getting started!"

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Embiid will decline his $59 million player option for the 2026-27 season and sign the new, three-year extension. He will earn $69 million in the final year of the new deal.

His career earnings will swell to $514.8 million with the new agreement, fourth highest in NBA history behind LeBron James, Stephen Curry and Paul George.

The 76ers also announced the extension Friday without disclosing terms. In a statement, Josh Harris, a managing partner of the ownership group, called Embiid "one of the greatest Sixers of all time" who was "on his way to being one of the best players to ever play the game."

"We're ecstatic that this extension keeps him and his family in Philadelphia for years to come," Harris said. "Joel is a great family man, leader, and person. He is an elite two-way player with a combination of size, strength, and athleticism that this league has rarely -- if ever -- seen. He is integral to this franchise's quest for another NBA Championship, and we are honored that he continues to choose this organization as his NBA home."

Embiid's deal closes an offseason in which the 76ers committed $550 million in new money. They extended All-Star guard Tyrese Maxey on a $204 million deal and signed George to a four-year, $212 million contract. The Sixers also signed free agent forward Caleb Martin, guard Eric Gordon and center Andre Drummond and re-signed guards Kelly Oubre and Kyle Lowry.

Embiid, 30, remains the cornerstone of the franchise, the 2023 NBA MVP who has made All-NBA five times and shown himself to be one of the most dominant centers in the modern history of the sport. He has averaged 27.9 points per game in his career -- fourth most behind Michael Jordan, Wilt Chamberlain and Luka Doncic, according to ESPN Research.

Last season, Embiid averaged 34.7 points but did not play enough games to qualify for the scoring title. His 1.03 points per minute made him the first player to average a point per minute since Chamberlain in 1961-62, per ESPN Research.