Salt Lake City, UT -- (Sports Network) - Guard Deron Williams has agreed to a contract extension with the Utah Jazz, the team announced on Thursday.

Utah announced on its website that the team will hold a press conference at 2 p.m. (mt) on Friday to announce the extension.

According to the Salt Lake Tribune, the deal is for three years with an option for the fourth year with Williams earning $50 million in the first three years and up to $70 million if the option is exercised.

Last season, he appeared in all 82 games and was selected second-team all- NBA after averaging 18.8 points and 10.5 assists per game.

In his three years in the league, all with Utah, which selected him third overall in the 2005 draft out of Illinois, he has averaged 15.3 points and 8.1 assists in 242 games, including 209 starts.