According to Adrian Wojnarowski of Yahoo! Sports, the deal is for four years and $48 million.
Serge Ibaka deal is 4 years, $48 million, league source tells Y! Sports.— Adrian Wojnarowski (@WojYahooNBA) August 18, 2012
The signing comes as great news for Thunder fans, as Ibaka has been a pivotal cog for the Thunder, especially last season when the team reached the NBA Finals. With Ibaka now wrapped up, the Thunder are guaranteed a core of Kevin Durant, Russell Westbrook and Ibaka with a chance to re-sign James Harden when his contract expires next season.
Ibaka enjoyed a career year in the 2012 season, starting all 66 games for the Thunder and leading the league in blocks by more than a block per game (Ibaka averaged 3.6, while second-place Javale McGee blocked 2.1).
The Thunder drafted Ibaka with the 24th overall selection in the 2008 NBA draft when the organization was still the Seattle SuperSonics. The 2012 season will mark Ibaka's fourth in the league; he would have been a restricted free agent at the end of the season had they not reached an agreement on an extension.
The Thunder have been relatively quiet this offseason, but the decision to keep Ibaka should be a move that keeps them right in contention with the league's other elite teams for the NBA title.