Per Mark Berman of Fox 26, Morey's four-year extension is tacked on to the one remaining year he had on his previous deal.
Morey has been the Rockets general manager since May 2007, when he took over for Carroll Dawson. In the 10 years he's led the franchise, Houston has never posted a losing record and has made seven playoff appearances, including the last five seasons.
In addition to the Rockets' on-court success, Morey has also been at the forefront of the NBA's analytical revolution, including building a roster that set a new NBA record for three-pointers made in one regular season with 1,181.
By committing to Morey long-term, the Rockers can now turn their attention toward free agency and upgrading a roster that went 55-27 during the 2016-17 regular season before losing to the San Antonio Spurs in the Western Conference semifinals.
The Rockets have won at least 50 games three of the last four years, including 56 games and the Southwest Division title in 2014-15, but have not reached the NBA Finals since 1995.