The star guard signed a four-year, $185-million maximum contract with the Los Angeles Lakers, ESPN’s Shams Charania reported on Wednesday.
Reaves’ deal includes a player option for the final season in 2029-30.
The 28-year-old immediately became a mainstay in the Lakers’ lineup after going undrafted out of the University of Oklahoma in the 2021 NBA Draft, logging just over 23 minutes a night in 61 games during his rookie campaign.
Reaves tallied a career-best 23.3 points per game last season, marking his second year eclipsing 20 PPG.
Over his five-year career, the guard is averaging 15.8 points with shooting clips of 48.3/36.8/86.5 per cent.
Reaves declined a $14.9-million player option to sign the maximum contract.