The Orlando Magic announced Saturday that the team has signed center Wendell Carter Jr. to an extension.
The team did not disclose terms, but reports Friday pegged it as a four-year, $50 million deal.
"Even in his relatively short time in the league, Wendell has proven to be a true professional," team president Jeff Weltman said. "We are very happy that he will continue to build on his promising career here in Orlando."
Carter would have become a restricted free agent following the season.
Orlando acquired the 6-foot-10 Carter from the Bulls last March as a prime rebuilding piece in the deal that saw two-time All-Star Nikola Vucevic go to Chicago.
Carter averaged 11.7 points and 8.8 rebounds in 22 games (19 starts) for the Magic. The 22-year-old has career averages of 11.0 points and 8.2 boards in 141 games (131 starts) over three seasons.
Carter will earn $6.9 million this season in the final year of the rookie contract he signed with the Bulls. Chicago selected Carter with the No. 7 overall pick in the 2018 draft.