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Sources: Zach Randolph reaches two-year, $20 million extension with Grizzlies

All-Star forward Zach Randolph has reached agreement with the the Memphis Grizzlies on a two-year, $20 million contract extension that begins in 2015-16, league sources told Yahoo Sports.

Randolph's agent, Raymond Brothers, told Yahoo Sports on Friday morning that an agreement had been reached.

Randolph, 32, will exercise his $16.5 million player option for 2014-15 and extend the deal with the additional two years and $20 million. Randolph had until Monday to exercise his option or become a free agent on July 1. Talks had been ongoing for several weeks.

An extremely popular figure in the Memphis community, Randolph has expressed a strong desire to finish his career in the city where he has truly blossomed as a professional.

Randolph was essential in holding together a Memphis core that won 50 games and advanced to a Game 7 against Oklahoma City in the first round of the Western Conference playoffs.

Randolph has twice been an All-Star for the Grizzlies. He averaged 17.4 points and 10.1 rebounds this past season.

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