Chet Holmgren has agreed on a five-year contract extension worth nearly $240 million to remain with the NBA champion Oklahoma City Thunder, a person with knowledge of the deal said Wednesday.

The Thunder have taken another step forward in locking up their young championship core for the future, giving Chet Holmgren a $250 million contract extension.

The Thunder took a massive step toward that goal Wednesday, when they reportedly signed standout center Chet Holmgren to a five-year max contract, according to Shams Charania of ESPN.

It was announced Tuesday morning that Oklahoma City Thunder star Chet Holmgren secured a five-year maximum rookie contract extension, per ESPN's Shams Charania.