The new deal will run through the 2024-25 season.
Jamal Murray has agreed to a five-year, $170 million maximum contract extension, The Athletic's Shams Charania reported on Sunday night.
Murray, 22, has one year left on his rookie deal, which runs through the 2019-20 season. Murray's extension will begin afterward and run through 2024-25.
Murray was drafted by the Nuggets with the seventh pick of the 2016 NBA draft and was named to the NBA All-Rookie Second Team.
The guard averaged 16.7 points per game during his sophomore campaign. He finished the 2018-19 season with an average of 18.2 points and 4.2 rebounds per game.
Murray joins Nikola Jokic and Gary Harris as the latest piece of the Nuggets' core with multi-year commitments.