The deal will be signed on Wednesday morning, and the Pacers have called a news conference with George and team president Larry Bird to make public the extension.
For the Pacers and George, who was voted the 2013 NBA Most Improved Player, the five-year deal cements the gifted young forward as Indiana's designated franchise player. George's extension will begin with the 2014-15 season. He will make $3.2 million this season.
George's deal includes the super-max contract provision termed the "Derrick Rose Rule," that will pay him up to 30 percent of the franchise's payroll total if he repeats as a third-team All-NBA selection or better next season.
If George fails to repeat as an all-league selection – and falls short of winning the league MVP or being voted an All-Star starter – he'll make nearly $82 million over the five-year deal.
In three NBA seasons, George has developed into one of the league's most thrilling young talents, blossoming into a starring role in the Pacers' march to a Game 7 against the Miami Heat in the Eastern Conference Finals last season.
George, who was selected to the All-NBA third team for the 2012-13 season, is part of the 2010 draft class that has until Oct. 31 to agree upon extensions to avoid restricted free agency next summer.
George raised his scoring average to 19.2 points a game in this past postseason, up from 17 per game in the regular season. He has a strong chance to be part of USA Basketball's 2014 team that will compete for the World Cup of Basketball in Spain, and the 2016 Olympic team in Brazil.
The extending of George's deal solidifies a Pacers core that could contend for an NBA title this season and beyond. After pushing the Heat to seven games a season ago, Indiana will return forward Danny Granger from a knee injury, and added a key reserve in a trade, forward Luis Scola, to strengthen what had been a weak bench. Indiana also signed free-agent forward Chris Copeland of the New York Knicks.
Indiana re-signed forward David West to a three-year, $36 million extension in July, and secured center Roy HIbbert with a four-year, $58 million deal last summer.
George recently told the Indianapolis Star he expected an extension to be completed before the start of the season.
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