Paolo Banchero has agreed to the richest contract in Orlando Magic history, a five-year extension that is worth $239 million and could reach about $287 million should he become eligible for a supermax deal, a person with knowledge of the agreement said Monday.

The Orlando Magic said their recent decision to agree to a five-year, $239 million contract with All-Star forward Paolo Banchero reflected their "belief" in his talent and "desire to win at the highest level.