Joel Embiid and the Philadelphia 76ers have agreed to a three-year, $192.9 million maximum contract extension, a source familiar with the contract figures told CNN.

The deal includes a player option which, if activated, would see the 2022-23 NBA MVP remain in the City of Brotherly Love until the end of the 2028-29 season and guarantee him around $300 million – one of the most lucrative contracts in NBA history – according to ESPN and The Athletic.

Taking his total career earnings to $514.8 million, Embiid would become the fifth member of the NBA’s $500M club, joining LeBron James, Stephen Curry, Kevin Durant and 76ers teammate Paul George.

“I started a Sixer and want to be right here for the rest of my career. I had no idea when I was drafted as a 20-year-old kid from Cameroon how lucky I was to be in Philadelphia,” Embiid said in a statement.

“Through all the ups and downs, this city and the fans have been everything, and I am so grateful for how they’ve embraced me. I want to thank Josh (Harris), David (Blitzer), and the entire organization. Philadelphia is home and it’s time to bring this community an NBA championship.”

Embiid, who has been with the 76ers since the 2014 NBA Draft when he was selected with the No. 3 overall pick, missed much of last season with a knee injury.

Nonetheless, the Cameroon-born center continued to star in the games he did play, averaging 34.7 points, 11.0 rebounds and 5.6 assists. The Sixers went 31-8 in the games in which Embiid featured.

The 30-year-old also picked up a gold medal with Team USA at the 2024 Paris Olympics this summer.

“Joel has cemented himself as one of the greatest Sixers of all time and is well on his way to being one of the best players to ever play the game. We’re ecstatic that this extension keeps him and his family in Philadelphia for years to come,” 76ers managing partner Josh Harris said in a statement.

During his career, Embiid has made the All-NBA Team five times, the All-Star team in each of the last seven years, and was NBA scoring champion in both 2021-22 and 2022-23.

He has never won an NBA championship but may have his best opportunity to do so next season, when he will line up alongside George and NBA’s 2024 Most Improved Player Tyrese Maxey.