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.

Orlando Magic star Paolo Banchero agreed to a five-year, $239 million maximum rookie contract extension that could reach $287 million, Mike Miller of LIFT Sports Management told ESPN on Monday.