The Orlando Magic are committing to the franchise's long-term structure, extending the contracts of president of basketball operations Jeff Weltman and general manager John Hammond through the 2025-26 season, sources told ESPN on Monday.

Magic CEO Alex Martins engaged his front office in talks beginning with the end of last season, and recently finalized terms on the new deals, sources said.

A formal announcement is expected later this week.

After consecutive years in the Eastern Conference playoffs, the Magic moved into a rebuild last season. Ownership has been pleased with the gathering of young first-round picks (Franz Wagner, Jalen Suggs, Cole Anthony), young players (Wendell Carter Jr.) and draft assets (six first-round picks over the next four years).

First-year head coach Jamahl Mosley -- who replaced coach Steve Clifford -- has made a strong impression on the organization so far. Mosley and the Magic are expecting two key starters -- Markelle Fultz and Jonathan Isaac -- to return this season from season-ending injuries a year ago.

Since Weltman and Hammond joined the Magic, they've advanced to back-to-back postseasons (2019 and 2020) for the first time in eight years.