Dejounte Murray and the Atlanta Hawks have agreed in principal on a four-year contract extension worth up to $120 million, agent Rich Paul told ESPN.

The deal can’t be formally signed until Friday but once completed will see Murray bypass free agency next summer and instead lock in with the Hawks for five years and $138 million total, including this season. The final year of the contract, the 2027-28 season, will be a player option.

Murray, 26, averaged 20.5 points, 6.1 assists, 5.3 rebounds and 1.5 steals in 74 games (all starts) in his first season with the Hawks.

Murray spent his first five NBA seasons with the San Antonio Spurs before being traded to Atlanta in part for forward Danilo Gallinari and three first-round draft picks.

Overall, Murray has career averages of 14.0 points, 5.9 rebounds, 5.0 assists and 1.4 steals in 394 (games (323 starts).

The Hawks also signed second-round draft choice Seth Lundy and undrafted free agent Miles Norris to two-way contracts.

Lundy, a guard/forward, averaged 14.2 points and 6.3 rebounds for Penn State last season. Norris, a forward, averaged 14.1 points and 6.1 rebounds for UC Santa Barbara in 2022-23.

Reuters contributed to this report.