The Charlotte Hornets and guard Jeremy Lamb have agreed to a three-year, $21 million contract extension, as first reported Sunday by Marc Stein of ESPN.
Rick Bonnell, of the Charlotte Observer, confirmed the report via Twitter on Monday.
Charlotte acquired Lamb for Luke Ridnour and a 2016 second-round draft pick on June 25.
The deadline for former first-round picks to sign contract extensions during the final year of their rookie deals is set annually for Oct. 31. However, due to the deadline falling on a weekend, teams have an additional two days to get deals done, according to Stein.
Lamb was selected 12th overall in 2012 by the Houston Rockets. He was traded on Oct. 27, 2012 to Oklahoma City, along with Kevin Martin, two first-round draft picks and a second-round draft pick, for James Harden, Cole Aldrich, Lazar Hayward and Daequan Cook.
The Flint, Mich., native is a former teammate of Kemba Walker at Connecticut, where the two formed a backcourt that led the Huskies to a national championship in 2011.
Lamb has averaged 10 points, 3.5 rebounds and 1.5 assists through two games this season for the Hornets. The 23-year-old has averaged 7 points, 2.1 rebounds and 1.1 assists in his four-year NBA career.