Lillard averaged 25.8 points and 6.9 assists per game last season.
Damian Lillard and the Portland Trail Blazers have reportedly reached an agreement on a four-year, $196 million contract extension, according to The Athletic's Shams Charania.
Per Charania, the deal pushes Lillard's total contract value to six years and $258 million, with an average annual salary of $43 million.
Lillard, 28, is entering his eighth NBA season. Last year, he averaged 25.8 points, 6.9 assists and 4.6 rebounds per game.
Lillard led the Blazers to Western Conference finals this past postseason. The four-time All-Star is also a four-time All-NBA performer.
The point guard was entering the penultimate year of a five-year, $139 million deal he signed in 2016.