The news comes courtesy of the Clippers' Twitter:
NBC's Kurt Helin also notes that "that is a max deal — five years, $107 million (CP3 has an opt out after four years)."
Paul, who spent the last two seasons with the Clippers after infamously being involved in the "basketball reasons" vetoed trade to the Los Angeles Lakers, has enjoyed a masterful career.
And at just 28 years old, the game's best point guard still has plenty of production ahead.
In carrying the Clips to the most wins in franchise history (56) this past season, Paul was extraordinary, averaging 16.9 points on 48.1 percent shooting, 9.7 assists, 3.7 rebounds and a league-high (for the fifth time in six years) 2.4 steals.
The advanced stats were just as spectacular.
According to 82games, the Clippers averaged 116.7 points per 100 possessions when he was on the court and just 104.8 when he was on the bench—a staggering difference of 11.9 points.
For his efforts, he was named to the All-NBA First Team and NBA All-Defensive First Team (both for the third time in his career) in addition to taking home MVP at the All-Star Game in Houston.
Despite playing in 80 games during his last season with the New Orleans Hornets, there were some question marks regarding Paul's health when he came to Los Angeles. But after playing in 130 of a possible 148 games in the last two seasons, it's safe to say those worries have been quelled.
Simply put, this is one of the most reliable, electric, playmaking superstars in the game, and the Clippers immediately become one of the winners of the summer.