The Houston Rockets and Jabari Smith Jr. have agreed to a five-year, $122million rookie contract extension, ESPN reported on Sunday.

Smith, the No. 3 overall pick in the 2022 NBA Draft, will be under contract through the 2030-31 season.

The move comes on the heels of Houston acquiring Kevin Durant and on the eve of the NBA's free agent negotiation period, which begins Monday night.

No deals can become official until the start of the league year on July 6.

Smith's offensive production has been underwhelming at times, but his athleticism and two-way game helped a young Rockets team to a 52-30 record last season and a No. 2 seed in the West.

Smith transitioned to a bench role last season but still played over 30 minutes per game, averaging 12.2 points and 7.0 rebounds in 57 games.

In three seasons with the Rockets, Smith has averaged 13.0 points, 7.5 rebounds and 1.3 assists.

Even after last season's first-round play-off exit, the Rockets appear intent on moving into the contenders' tier next season.

While the Durant trade has been the most notable transaction, Houston has also signed coach Ime Udoka and backup center Steven Adams to extensions, while retaining Fred VanVleet, Jae'Sean Tate, Jeff Green and Aaron Holiday this offseason.