Desmond Bane is returning to the Grizzlies on a max deal.

ESPN's Adrian Wojnarowski reports Bane agreed to a five-year, $207 million extension to remain in Memphis. There, he will continue with a core featuring two-time All-Star Ja Morant and reigning Defensive Player of the Year Jaren Jackson Jr.

Bane, 25, averaged 21.5 points, five rebounds, 4.4 assists and one steal last season while shooting 47.9% from the field and 40.8% on seven 3-point attempts per game. He's exceeded the expectations that made him the 30th pick of the 2020 draft out of TCU while developing into a premier 3-point threat who's shot 42.5% from long distance for his three-year career.

Bane's new deal dwarfs the four-year, $9.45 million contract he signed as a rookie in 2020. He'll make $3.8 million on the final year of that deal next season before his extension kicks in for the 2024-25 season.

Bane joined the Grizzlies via a draft-night trade in 2020 after being selected by the Boston Celtics. The Grizzlies sent two second-round picks to Boston in return, in addition to cash considerations to the Trail Blazers in the three-team deal that saw Boston send Enes Kanter to Portland. In return, the Grizzlies landed a foundational piece for their future.

Bane played mostly off the bench as a rookie, averaging 9.2 points and 3.1 rebounds in 22.3 minutes per game. With injuries limiting Morant to 57 games during Bane's second season, Bane broke out in an increased role while averaging 18.2 points and shooting 43.6% from long distance. He earned a full-time spot in the starting lineup before continuing his development last season.

The Grizzlies finished second in the Western Conference last season before losing in the first round of the playoffs to the Los Angeles Lakers. They'll again look to Bane to carry an extra load next season as Morant starts the season facing a 25-game suspension. He'll share the backcourt with new teammates Marcus Smart and Derrick Rose, who agreed to join the Grizzlies earlier Friday on a free-agent deal.