Tuesday February 3rd, 2015

The Oklahoma City Thunder have signed power forward Nick Collison to a two-year contract extension worth $7.5 million, ESPN's Marc Stein reports.

Collison, 34, is averaging 3.8 points and 3.4 rebounds in 16 minutes per game this season for the Thunder. He has spent his entire career with the franchise since being the No. 12 pick in the 2004 draft out of Kansas by the Seattle SuperSonics.

He previously signed a four-year, $11 million contract extension in 2011, which was signed after he renegotiated his salary to more than $13 million that season using the team's cap space. His salary has descended in each year of the deal, dropping down to $2.2 million this season.

• MAHONEY: Defending Tim Duncan's place in the All-Star Game

In his 11-year career, Collison has career averages of 6.4 points and 5.5 rebounds on 53.7 percent shooting.

The Thunder are 24-24 on the season and currently the No. 10 seed in the Western Conference, three games behind the Phoenix Suns for the final playoff spot. They play at the New Orleans Pelicans on Wednesday.

• DOLLINGER: Power Rankings: Thunder drop to No. 16

- Paul Palladino

SI Apps
We've Got Apps Too
Get expert analysis, unrivaled access, and the award-winning storytelling only SI can provide - from Peter King, Tom Verducci, Lee Jenkins, Seth Davis, and more - delivered straight to you, along with up-to-the-minute news and live scores.