Orlando Magic guard Jalen Suggs has agreed to a five-year, $150.5 million rookie contract extension with the franchise, sources told ESPN.

Magic officials negotiated the new deal with Suggs' representative, Darren Matsubara of Wasserman, holding a series of meetings in Orlando to finalize terms ahead of Monday's 6 p.m. ET extension deadline.

Orlando announced the extension on Monday afternoon but did not disclose terms.

Suggs, 22, had a breakout season in his third year, helping Orlando rank third in defensive efficiency last season. He became just the third Magic player to make an NBA All-Defensive Team, joining Dwight Howard and Horace Grant.

An improving shooter, Suggs knocked down nearly 40% of his 3-pointers on an average of 5.1 attempts per game last season to go along with 12.6 points and 1.4 steals in 27 minutes.

Suggs, drafted with the No. 5 pick in the 2021 draft, joins Franz Wagner as members of that class locked up to long-term deals with the Magic. Wagner signed a five-year, $224 million extension earlier this summer.