The value of the deal reportedly could reach $45 million with incentives.
Burks has averaged 16.5 points, 2.0 rebounds, 2.0 assists and 1.5 steals over two games this season. He is in his fourth year in the league since the Jazz selected him with the No. 12 pick in the 2011 draft out of Colorado.
Midnight on Friday is the deadline for teams to reach contract extensions with members of the 2011 draft class. The Jazz have reportedly stopped negotiating a potential extension with center Enes Kanter, meaning he will become a restricted free agent this summer.
- Chris Johnson