The fourth year of the deal has a partial guarantee, a league source told Yahoo! Sports.
Webster was a priority for the Wizards to retain as part of the team's returning core.
Webster, 26, is coming off the most productive of his eight professional seasons, averaging 11.4 points and 3.9 rebounds.
After being drafted by Portland out of high school in 2005 with the sixth overall pick, Webster played five seasons for the Blazers before joining the Minnesota Timberwolves in 2010.
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