UPDATE: The Utah Jazz confirmed the deal today: “We have tremendous respect for and confidence in Derrick and see him as an important part of our future. He brings a toughness and defensive mindset that make him a key piece to what we are trying to build here,’ said Jazz General Manager Dennis Lindsey. ‘Derrick is also a high-character individual and he has shown a dedication to continue to improve all aspects of his game.’ The 22-year-old Favors (6-10, 248, Georgia Tech) will be entering his fourth NBA campaign in 2013-14, and has improved his averages in every major statistical category over the previous year each of the last two seasons. Favors played in 77 games (eight starts) in 2012-13, averaging career-highs of 9.4 points, 7.1 rebounds and 1.69 blocks in 23.2 minutes per game. Favors registered nine double-doubles on the season, scoring in double figures 34 times while grabbing double-digit rebounds in 16 games. In his eight starts last season, Favors averaged 10.1 points, 10.0 rebounds, 1.1 assists and 2.25 blocks in 27.3 minutes. [...] ‘We have been impressed with Derrick’s hard work, development and strong desire to be a part of the future of the Jazz franchise,’ said Steve Miller, President of Miller Sports Properties. ‘There was mutual interest in Derrick remaining part of our team moving forward and my family and I are excited to be able to announce his contract extension.’ [...] ‘I would like to thank the Miller family and Jazz organization for their trust and confidence in me and my abilities to help lead this team into the future,’ said Favors. ‘Utah has become my home and I am excited to be able to continue my career playing for the Jazz and the best fans in the NBA.’”

According to multiple reports, Utah Jazz forward Derrick Favors has agreed to a 4-year contract extension, worth $49 million. Per Yahoo! Sports: “The deal includes bonus incentives that could push the package well over $50 million, sources said. Favors, 22, is a centerpiece of the Jazz’s future and will take over a starting frontcourt position because of the off-season departures of Al Jefferson and Paul Millsap. A contract will be signed in the near future, sources say. As Favors’ role and production increase this year and beyond, his ability to earn the incentive clauses in the deal will grow. In three seasons, Favors has shown the promise to become one of the NBA’s top young power forwards. With ideal size at 6-foot-10 and 250 pounds, and merely the age of a college senior, Favors could’ve commanded a $13 million annual salary from several teams in restricted free agency next summer, executives said. Yet Favors’ agent, Wallace Prather, and Jazz officials worked out a deal over the past several months that offers security and protection to both sides. Utah risked having to match a higher offer on the market if it didn’t meet Favors’ asking price now. For Prather and Favors, this is an outstanding deal in the current marketplace. [...] Favors is part of a 2010 draft class eligible to sign contract extensions until Oct. 31. Without a deal by the deadline, players become restricted free agents on July 1, 2014.”