• Oklahoma City Thunder point guard Russell Westbrook.

Oklahoma City Thunder point guard Russell Westbrook. (Photo : Getty Images)

Two-time NBA All-Star Game MVP Russell Westbrook had recently reached a three-year, $85 million contract extension agreement with the Oklahoma City Thunder to end a high-profile summer saga between the two parties.

Westbrook, who had played his entire eight-year professional career with OKC, is set to become the third highest-paid player in the NBA right now in terms of annual average salaries. His $28.6 million yearly wage is currently third behind Memphis' Mike Conley ($30.5 million) and Houston's James Harden ($29.5 million).

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With the agreement, the Thunder ensured that Westbrook will not enter free-agency next summer, as speculations abound that several high-profile NBA teams, such as the Los Angeles Lakers, Miami Heat, Boston Celtics, and New York Knicks, are ready to lure him to their sides at the first sign of opportunity.

Yahoo Sports' Adrian Wojnarowski reported that the 27-year-old and his manager, Wasserman Media Group's Thad Foucher, is set to arrive in Oklahoma City on Thursday to sign on the dotted line and to hold a press conference afterwards to officially announce the deal.

Wojnarowski went on to say that for OKC the deal is a "significant statement" after Kevin Durant chose to join the Golden State Warriors this summer thru unrestricted free-agency.

Westbrook was entering the final season of the five-year, $78.6 million deal he had with the Thunder in 2012, which would have made him an unrestricted free agent next summer.

Initial reports went out that the five-time All-Star wants to play out the incoming season and test the market next year. However, as proven by the developments, he had a change of heart and decided to give three more years of his future with the Thunder.

With his new contract, Westbrook is set to enter unrestricted free agency in the summer of 2019 when he is already 30 years old.

Meanwhile, ESPN indicated that the Thunder's success on re-signing Westbrook was a good move because the fiery point guard's history "indicates that he's well worth the money".

The report noted that Westbrook "ranked second and third in the NBA in PER the past two seasons, and seventh and third in those seasons in Basketball-Reference.com's win shares stat".

Westbrook was a force last season after he became only the fourth player in league history to average at least 20 points, 10 assists, and 5 rebounds. He joined an elite group that included legends Oscar Robertson (five times) and Magic Johnson (three times) and nine-time All-Star Chris Paul (once).