The New Orleans Pelicans and All-Star forward Anthony Davis will not part ways anytime soon, as the former Kentucky Wildcat agreed to what could be the most lucrative deal in the NBA.

In a report by ESPN's Marc Stein, sources say Davis agreed to a five-year extension which will reportedly reach $145 million and will begin during the 2016-17 season.

Davis, 22, and his agent Thad Foucher met with Pelicans general manager Dell Demps, new head coach Alvin Gentry and other team officials Wednesday night in Beverly Hills, California, and a deal was reached after midnight, Stein also reported.

Players cannot sign new contracts until July 9, when the league lifts a moratorium on roster business, but can have verbal agreements on new deals.

The extension deal has a player option after the fourth year and makes Davis New Orleans' designated player, according to Stein.

In ESPN's report, if Davis completes all five years of the deal, he will be the Pelicans' designated player and they could not replace him as long as he is in the roster. But according to the report, New Orleans can trade for other teams' designated players.

Davis had a breakout year last season, helping the Pelicans to their first playoffs appearance since the 2010-11 season. He averaged 24.4 points, 10.2 rebounds, 2.2 assists, 2.9 blocks and 1.5 steals in 68 regular season games.

In his first taste of the playoffs, Davis joined Kareem Abdul-Jabbar, Wilt Chamberlain and Bob McAdoo as the only players to average at least 30 points and 10 rebounds in their first postseason games.

Davis averaged 31.5 points, 11 rebounds, two assists, three blocks and 1.3 steals per game in the playoffs, but his Pelicans were swept in the first round by the eventual champion Golden State Warriors.

Along with Davis, center Alexis Ajinca also reached an agreement with the Pelicans on a four-year, $20.5 million deal according to ESPN's sources.