Jaren Jackson Jr. reacts to his five-year, $240 million extension with the Grizzlies, expressing deep gratitude amid NBA free agency.

Memphis Grizzlies star center Jaren Jackson Jr. will stay with the team for the foreseeable future. Jackson is expected to sign a five-year, $240 million maximum renegotiation and extension. ESPN's Shams Charania shared the news via X.

That new deal was the first reported agreement of the new league year, as Shams Charania reported the two sides were finalizing a five-year, $240 million max extension, with a player option in the final year (2029-30). Jackson was slated to enter unrestricted free agency next summer without a new deal.

The start of the NBA's free agency period on Monday night was a bit quiet, but the Memphis Grizzlies were busy keeping their own players for the long haul.

Santi Aldama, who set career highs in points, rebounds, assists and steals, reached a three-year, $52.5M deal to return to the Grizzlies, sources told ESPN.