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Rudy Gay reportedly signs 3-year, $40 million extension with Kings

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Gay to sign a three-year extension with a player option for the 2017-18 season.

Isaiah J. Downing-USA TODAY Sports

Rudy Gay has reached an agreement with the Sacramento Kings on a three-year, $40 million contract extension, according to Yahoo Sports.

Gay has one year left in his current deal, which pays him $19.3 for the 2014-15 season. The extension begins in the 2015-16 season and has a player option for the 2017-18 season. Gay could opt out to become a free agent in the summer of 2017, at the same time the NBA's $24 billion TV deal kicks in.

Gay is averaging 22.5 points, 6.8 rebounds and 3.5 assists for the surprising Kings, who are off to a hot start at 6-4. Signing Gay to an extension is a boost for a Kings organization eager to keep it's stars around as they near closer and closer to building a new downtown arena.

This summer, Gay tabled extension talks after exercising his player option for this season. Even then, the Kings expressed their intent to keep Gay in Sacramento. Their persistence, and perhaps the Kings' hot start, appear to have paid off.

Now, the Kings have Gay and DeMarcus Cousins locked up for the next three years. Plus, they should have spending flexibility since Gay's contract is a tad lower than expected. It's lower than Gordon Hayward's or Josh Smith's.

Gay will be 31 in the summer of 2017 when he has the option to enter free agency.

We'll add to this story as it develops.