Mitchell, a first-round pick of the Jazz in 2017, made his first All-Star team last season.
The Utah Jazz and All-Star guard Donovan Mitchell have agreed to a five-year extension, his agents Ty Sullivan and Austin Brown told ESPN's Adrian Wojnarowski.
The deal is reportedly worth $163 million guaranteed, but could increase to $195 million depending on if Mitchell meets All-NBA criteria for this season.
Mitchell, a first-round pick of the Jazz in 2017, made his first All-Star team last season, but has averaged more than 20 points per game in each of his first three NBA seasons.
The 24-year-old guard became almost an immediate star for the franchise, helping keep Utah as a playoff team despite losing Gordon Hayward to the Celtics in free agency ahead of Mitchell's first season. Hayward has since also joined the Hornets.
The Jazz have made the NBA playoffs in each of Mitchell's three seasons, though they have never advanced past the second round.
This past season, Utah lost in the first round of the Western Conference playoffs to the Denver Nuggets.
Utah's roster will look relatively similar heading into the 2020-21 NBA season. The Jazz re-signed guard Jordan Clarkson and forward Derrick Favors. They drafted Kansas center Udoka Azubuike No. 28 overall in Wednesday's draft and added Syracuse guard, second-round pick Elijah Hughes, in a draft-day trade.