Report: Lauri Markkanen ‘expected’ to reach long-term extension with Jazz

It looks like Lauri Markkanen isn’t going anywhere.

The Finnish star is “expected” to ink a long-term contract extension with the Utah Jazz, according to a Tuesday report from Shams Charania of the Athletic.

Fellow Athletic reporters Tony Jones and Anthony Slater contributed to Charania’s report.

The “massive” extension is expected to be signed on Wednesday or later, making Markkanen unavailable to be traded for the entire 2024-25 campaign, according to The Athletic.

The Athletic’s report stated that Markkanen’s agreement with the Jazz will “be worth upwards of $200 million over five years,” keeping him under contract through 2029 and marking the largest such deal in Utah franchise history.

Trade rumors involving Markkanen swirled all offseason long — including reported discussions with the Golden State Warriors, San Antonio Spurs and other teams — but ultimately no one was able to meet the Jazz’s steep asking price for their ascending franchise centerpiece.

“Rival executives understood the only way Utah would consider a proposal was if it was overwhelming,” the Athletic reported.

Markkanen arrived in Utah as part of Cleveland’s 2022 trade package for Donovan Mitchell, immediately establishing himself as the team’s new star and emerging as one of the NBA’s best frontcourt talents.

In 121 games with the Jazz, Markkanen has averaged 24.5 points and 8.4 rebounds while shooting 49% from the field and 39.5% from 3-point range. He was an All-Star starter in 2023 and earned the league’s Most Improved Player award the same year.

With Markkanen seemingly cemented in Utah’s future plans, the Jazz will continue mixing the All-Star talent with the rest of their young roster in hopes of developing a productive, contending core over the next few years while still building through the draft, especially considering 2025′s loaded class of prospects.