Orlando Magic forward Franz Wagner has agreed on a five-year, $224 million rookie contract extension -- a deal that could become worth as much as $269 million, sources told ESPN on Friday.

Wagner is eligible to earn 30% of the team's salary cap should he get voted to an All-NBA team, sources said. Wagner's agent Jason Glushon completed work on the deal over the July 4 holiday, sources said.

Wagner has been a cornerstone of the Magic's revival, averaging 19.7 points, 5.3 rebounds and 3.7 assists per game last season as Orlando returned to the Eastern Conference playoffs and went 47-35, the franchise's best record since 2010-11.

He has had a historic start to his Magic career, joining Shaquille O'Neal, Dwight Howard and Tracy McGrady in scoring at least 4,000 points before his 23rd birthday, according to ESPN Stats & Information.

Wagner, the No. 8 pick in 2021 out of Michigan, had seven 30-point games last season and ranked in the top 10 of made layups and dunks, according to Second Spectrum.

Wagner, whose brother Moe agreed to a new two-year, $22 million deal with Orlando on Tuesday, is considered the best player to come out of Germany since Hall of Famer Dirk Nowitzki.