Sources: Suns, Devin Booker moving toward finalizing 5-year, $158M max extension

Booker, Suns working towards extension (1:11)

Adrian Wojnarowski breaks down the max contract extension that Devin Booker and the Suns are working on finalizing. (1:11)

Devin Booker and the Phoenix Suns are progressing toward finalizing a five-year, $158 million maximum contract extension as soon as this weekend, league sources told ESPN. The Suns presented the offer to Booker in Los Angeles on Tuesday, sources said.

Both sides plan to finalize the agreement shortly after the conclusion of the moratorium on Friday, league sources said.

Booker, 21, has rapidly developed into the Suns' cornerstone star and the franchise's hope to lead it out of the lottery and back to the NBA playoffs.

Booker averaged 24.9 points and 22.1 points in his second and third NBA seasons for the Suns. He has been general manager Ryan McDonough's most decorated draft pick in Phoenix, a freshman out of Kentucky who dropped to No. 13 in the 2015 NBA draft.

Phoenix surrounded Booker with three lottery picks in the past two drafts, including this year's No. 1 overall pick, center Deandre Ayton, No. 10 pick Mikal Bridges and 2017 No. 4 overall pick Josh Jackson.