New Orleans, LA -- (Sports Network) - New Orleans Hornets star point guard Chris Paul has agreed to a three-year contract extension with the club, according to a report on Thursday from the New Orleans Times-Picayune.

The deal has an option for a fourth year, and is worth about $68 million, the report said. It cited Paul's agent, Lance Young, who told the newspaper "the deal is done."

The sides had agreed to a long-term extension on Tuesday, but no particulars were hammered out. Per NBA rules, the deal cannot be signed until July 9.

Paul, the fourth overall pick out of Wake Forest by the Hornets in the 2005 draft, became the league's premiere point guard this past season after averaging 21.1 points and leading the league with 11.6 assists and 2.7 steals in 80 games as the Hornets claimed their first Southwest Division title and advanced to the Western Conference semifinals.

In 222 games over three seasons, Paul has averaged 18.2 points, 9.5 assists, 4.5 rebounds and 2.3 steals. In 2005-06, the 23-year-old earned Rookie of the Year honors, and in 2008 he made his first All-Star team and was on the All- NBA first team.