by Marcel Mutoni / @marcel_mutoni

It looks like Rajon Rondo won’t be hitting the free agent market after all. According to the latest reports out of Boston, the Celtics and their point guard have reached a long-term agreement.

Yahoo!
has the scoop that Rondo has agreed to a five-year, $55 million extension to remain in Celtic green:

The Boston Celtics and Rajon Rondo(notes) have reached an agreement in principle on a contract extension, Rondo’s agent, Bill Duffy, said early Monday. League sources said the extension is for five years and guarantees Rondo at least $55 million.

“As much as we were willing to wait his contract out, the Celtics stepped up to the plate to meet the original request,” Duffy said by phone. “This is a really fair contract. We wanted him to be paid like one of the top five point guards around. It also allows the Celtics to maintain continuity to continue to be one of the best teams at this time.”

This comes as something of a surprise for anyone who has followed the Rondo saga in Boston since the Celtics were eliminated from the Playoffs last summer.

His GM threw him under the bus following the classic Bulls series; the Celtics reportedly shopped him; it seemed a foregone conclusion that he was headed for free agency next summer; and now Rajon — clearly one of the best point guards in the NBA — is locked up for the long-term in Beantown. Go figure.

My guess is that the Celtics will release some kind of statement about the agreement later today.