Devin Booker has agreed to a two-year, $145 million contract extension with the Phoenix Suns that will pay the star guard a record annual extension salary of $72.5 million, ESPN reported.

In a report published Wednesday night, ESPN said the 28-year-old Booker finalized the deal with Suns owner Mat Ishbia in Las Vegas.

The extension will keep Booker with Phoenix through the 2029–30 season and surpasses the four-year, $285 million deal Oklahoma City Thunder star Shai Gilgeous-Alexander signed this week as the richest per-year extension in league history.

Booker, a four-time NBA All-Star and two-time Olympic gold medalist with the United States, has averaged more than 25 points per game in each of the past seven seasons. Last season, he became the Suns' all-time leader in total points scored.

He helped lead Phoenix to the NBA Finals in 2021, where the Suns fell to the Milwaukee Bucks. His continued presence provides stability for a franchise undergoing major changes following a disappointing 2024–25 campaign.

The Suns, who had the highest payroll in NBA history after acquiring Kevin Durant and Bradley Beal, missed the playoffs and fired head coach Mike Budenholzer in April.

Durant has since been traded to the Houston Rockets as part of a seven-team deal that brought Phoenix 18-year-old rookie Khaman Maluach — the 10th overall draft pick in June — along with forward Dillon Brooks and guard Jalen Green from Houston.

In June, the Suns named 40-year-old Jordan Ott as their new head coach, with Ishbia citing Ott’s “track record of developing players (and) fostering team chemistry” in giving him his first head coaching job.