According to ESPN.com’s Marc Stein, the deal is for four years and almost $45 million, with a fifth year that is not guaranteed.
If Asik unlocks the incentives of the contract, the total compensation of the deal could reach $60 million, Stein reports.
The 28-year-old Asik averaged 7.3 points, 9.8 rebounds and 26 minutes in 76 games for New Orleans last season.
Pelicans forward and first-team All-NBA performer Anthony Davis agreed to a five-year, $145 million contract extension on Wednesday.
Asik was traded from the Houston Rockets to New Orleans in a salary cap move last off-season for a first-round draft pick and cash.
Asik has averaged 5.9 points and 7.7 rebounds in five NBA seasons with the Chicago Bulls, Rockets and Pelicans.
- Scooby Axson