Report: Harden, Rockets reach agreement on $80 million deal

The Houston Rockets have agreed to terms with newly acquired guard James Harden ona five-year, $80 million contract extension.

Harden, the NBA's Sixth Man of the Year last season, was traded by the Oklahoma City Thunder on Saturday with Cole Aldrich, Daequan Cook and Lazar Hayward for Kevin Martin, 2012 first-round pick Jeremy Lamb and several draft picks.

According to reports, the Thunder sought to trade Harden, 23, after last season's run to the NBA Finals when a contract agreement couldn't be reached. He was eligible for a maximum four-year, $60 million deal with Oklahoma City, but sources told CBSSports.com that the Thunder offered about $55 million.