New Orleans, LA (Best E Casino) - The New Orleans Hornets have reportedly reached an agreement with superstar point guard Chris Paul on a long-term contract extension.

According to the New Orleans Times-Picayune, the deal will lock up the 2008 MVP runner-up for four to five years. The contract will range from $60 million to $80 million, depending on the length.

Paul's agent, Lance Young, told the Times-Picayune that the deal is expected to be finalized by Thursday. Tuesday was the first day that the two parties could begin negotiations.

Per NBA rules, the deal cannot be signed until July 9.

"We're going to try and get it done in the next 24 to 48 hours once I get down there," Young told the newspaper.

Paul, the fourth overall pick out of Wake Forest by the Hornets in the 2005 draft, became the league's premiere point guard this past season after averaging 21.1 points and leading the league with 11.6 assists and 2.7 steals in 80 games as the Hornets claimed their first Southwest Division title and advanced to the Western Conference semifinals.

In 222 games over three seasons, Paul has averaged 18.2 points, 9.5 assists, 4.5 rebounds and 2.3 steals. In 2005-06, the 23-year-old earned Rookie of the Year honors, and in 2008 he made his first All-Star team and was on the All- NBA first team.