OKLAHOMA CITY - The Oklahoma City Thunder announced Thursday it has signed guard Russell Westbrook to a multi-year extension.

"We are thrilled to solidify Russell's future with the Thunder," said Presti. "Since we arrived in Oklahoma City, Russell's work ethic, persistence, character, and involvement in our community have helped us establish the standards that we are committed to on a day-to-day basis. He is a valued member of our organization and we look forward to his continued contributions on and off the floor."

Per team policy, official terms of the deal were not disclosed but Adrian Wojnarowski of Yahoo Sports reports the deal is for five years and pays Westbrook $80 million.

The deal begins next season, and it also follows the recent trend with OKC Thunder contracts in that it does not have an opt-out clause after the fourth season meaning Westbrook will be around through the 2016-17 season.

That puts Westbrook and Kevin Durant both in Oklahoma City for the next five years after Durant signed a five year extension with the Thunder back in July.

Through 15 games this season, Westbrook has helped lead the Thunder to the best record in the Western Conference (12-3) while recording averages of 20.5 points, 5.5 assists and 5.0 rebounds in 33.3 minutes.

"We are very excited that Russell will continue to be a part of the Thunder organization," said Chairman and Chief Executive Officer Clay Bennett. "He has demonstrated high personal character, a strong commitment to his teammates and a remarkable dedication to the development of his performance as a player. We especially value his role in the community as he has consistently represented "Oklahoma City Basketball" with pride and integrity."

Westbrook is in his fourth season with the Thunder and overall has appeared in 261 games (244 starts) and registered averages of 17.9 points, 7.0 assists, 4.8 rebounds and 1.5 steals in 33.8 minutes per contest.

At the end of the 2010-11 season Westbrook became one of only five players in league history  to record 4,000 points, 1,500 assists and 1,000 rebounds through his first three NBA seasons.

Last season, Westbrook was awarded All-NBA Second Team honors after averaging 21.9 points (13th in the NBA), 8.2 assists (9th in the NBA), 4.6 rebounds and 1.9 steals (4th in NBA) in 34.7 minutes. During the 2010-11 season Westbrook received his first-career All-Star nomination before helping lead the Thunder to a spot in the Western Conference Finals against the Dallas Mavericks.