The Orlando Magic on Thursday signed center Nikola Vucevic to a contract extension, General Manager Rob Hennigan announced. According to the Orlando Sentinel it is a four-year, $53-million deal.

Per the Sentinel: "Vucevic, who will turn 24 years old Friday, will earn $2.75 million this season, which will be the final season of his rookie-scale contract. But he’ll earn an average salary of $13.25 million during the seasons covered by the extension, and that figure will become more salary cap friendly to the Magic once the revenue from the NBA’s new national TV deal kicks in and inflates the cap."

“Today is an exciting day for Nik (Vucevic) and his family, as well as our entire organization,” said Hennigan. “Since arriving in Orlando, Nik has demonstrated consistent work habits and a constant hunger to improve. He’s a high character, team-first player. We are proud of his development and are looking forward to continuing to grow together.”

More from the Sentinel: "“It means a lot to me that they brought me here first, gave me a chance to play, gave me a chance to prove myself and believed in me through tough times,” Vucevic said. “I’m very happy for that. It means a lot for my confidence. . . . “I’m very excited. I’m very happy. Hopefully, we can finalize everything very soon.”

Originally selected in the first round (16th overall) of the 2011 NBA Draft by Philadelphia, Vucevic was acquired by Orlando as part of a four-team, 12-player trade on Aug. 10, 2012. He has appeared in 185 career NBA regular season games with Philadelphia and Orlando, averaging 11.4 ppg., 9.7 rpg. and 1.5 apg. in 28.0 minpg., while shooting .504 (945-1,876) from the field. Vucevic finished fourth in voting for the NBA’s Most Improved Player Award in 2012-13. On Dec. 31 vs. Miami, he broke the franchise record for most rebounds in a single game, pulling down 29 boards and breaking the mark previously held by Shaquille O’Neal (28, Nov. 20, 1993 @ New Jersey).