Memphis Grizzlies guard Desmond Bane has agreed to a five-year, $207 million max contract extension, his agents Jim Tanner, Max Wiepking and Terrence Felder of Tandem Sports + Entertainment told ESPN's Adrian Wojnarowski.

Memphis' cornerstone players -- Ja Morant, Jaren Jackson Jr. and Bane -- are now secured long-term. Bane's $200 million deal is the first in Grizzlies history.

Bane, 25, has developed into one of the NBA's best young shooting guards since being selected with the No. 30 overall pick in the 2020 draft. He averaged career highs in points (21.5), rebounds (5.0), assists (4.4) and field goal percentage (48%) for the 51-win Grizzlies last season.

Bane also shot at least 40% on 3-pointers again, which he has done in all three of his NBA seasons.

Bane was an instant contributor as a rookie and has made significant progress each year of his career, improving his averages in scoring, rebounding and assists every season.

Bane has consistently been an elite 3-point shooter, making 42.5% of his attempts beyond the arc during his three-year career and increasing the volume each season. It's the second-best 3-point percentage over the last three seasons among players with at least 400 3s made. His 228 made 3s last season broke Memphis' franchise record.

Bane is also a dynamic shooter, capable of canning shots both off the catch and off the dribble at an elite clip. Over the last three seasons, 73 players have attempted 250 off the dribble 3-pointers and 250 off the catch 3-pointers; Bane is one of just five players to shoot at least 40% on each type, according to Second Spectrum.

Bane underwent surgery in May to repair a broken medial sesamoid bone in his right big toe, an injury that caused him to miss 17 games after he originally suffered it in November. He is expected to be fully recovered before the start of the season.

ESPN's Tim MacMahon and ESPN Stats & Information contributed to this report.