UPDATE: The Charlotte Hornets announced Monday that they have indeed locked up Jeremy Lamb to a contract extension.

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Jeremy Lamb is reportedly close to inking a three-year, $21 million contract extension with the Charlotte Hornets.

There’s a midnight extension deadline for former first-round NBA Draft picks in the final year of their rookie deals.

The Hornets acquired Lamb last season in a trade with the OKC Thunder.

Per ESPN:

The Charlotte Hornets are on course to sign swingman Jeremy Lamb to a contract extension for three years and $21 million before Monday’s midnight deadline for such extensions, according to league sources.

 

In recent weeks, both Detroit Pistons center Andre Drummond and Golden State Warriors forward Harrison Barnes mutually agreed with their respective teams to put off contract talks until the summer, meaning both will become restricted free agents on July 1. […] All indications, as of Sunday night, were that Washington Wizards guard Bradley Beal and Warriors center Festus Ezeli will be joining Drummond and Barnes as restricted free agents come July, barring an unexpected late U-turn in negotiations.

 

Lamb was the 12th overall pick in the 2012 draft by the Houston Rockets and spent the past three seasons in Oklahoma City after going to the Thunder as part of the James Harden megatrade in October 2012. The Hornets acquired him in late June in a trade for Luke Ridnour and a 2016 second-round pick. Lamb will be just 27 when he returns to free agency in the summer of 2019 after his new deal runs its course.