Lauri Markkanen, Jazz reportedly set to agree to long-term extension, making him ineligible to be traded this season

Lauri Markkanen and the Utah Jazz will reportedly agree to a long-term contract extension that he is expected to sign on Wednesday or later, according to The Athletic's Shams Charania.

By signing the new deal after Tuesday, Markkanen will be ineligible to be dealt for the entirety of the 2024-25 NBA season, as Yahoo Sports' Jake Fischer reported this week.

"He wouldn't be eligible to be traded for six months after his new agreement, in accordance with the collective bargaining agreement, which would fall one day after the Feb. 6 trade deadline," according to Fischer. "It was similarly crucial for Cavaliers center Jarrett Allen to sign his extension Aug. 2, leaving him available for a trade for four days prior to the deadline."

The new contract for Markkanen, 27, will be a "renegotiation-and-extend," which will allow the Jazz to use $33 million of open salary-cap space to put towards a deal that will reportedly reach upwards of $200 million over five years, keeping him in Utah through the 2028-28 season. It will be the richest contract in franchise history.

The "renegotiation-and-extend" will see Markkanen get a maximum salary of $42.2 million this season with the Jazz adding $24.13 million of their salary cap space to the Finnish forward's current $18 million salary.

Markkanen landed in Utah in September 2022 after being dealt twice in the span of a year. Drafted seventh overall by the Chicago Bulls in 2017, he was part of a three-team sign-and-trade with the Cleveland Cavaliers and Portland Trail Blazers in 2021. Markkanen went to the Cavaliers and signed a four-year, $67.5 million contract in process.

After one season where he posted 14.8 points and 5.7 rebounds per game, Markkanen was then moved on to the Jazz as part of the Donovan Mitchell trade.

In two seasons in Utah Markkanen has averaged 24.5 points, 8.4 rebounds and 1.9 assists in 121 games while shooting 49% from the field.

"We love to be here," Markkanen said after this past season. "I've said it multiple times and my family likes to be here."

The Jazz reportedly had talks with several teams this offseason about a trade involving Markkanen, but potential suitors weren't willing to pay the price to land the 2023 NBA All-Star and Most Improved Player.