ESPN.com's Royce Young reported Thursday the Thunder have put the offer on the table, but Westbrook "hasn't delivered an official answer" and "nothing has tangibly changed."
Young noted signing the extension now would give Westbrook more long-term security, but waiting until next summer to agree to a new contract would give him more flexibility.
Whichever route Westbrook chooses, his annual salary with the Thunder would be roughly the same since he will have played 10 years in the NBA. If he waits until next summer, however, he could sign a contract allowing him to opt out under his own terms, whereas a designated player extension would keep him in Oklahoma City for at least four years, with a player option in the fifth year.
After Kevin Durant signed with the Golden State Warriors a year ago, Oklahoma City fans may understandably be worried about Westbrook following him out of town. Prior to the Paul George trade, one could've envisioned the Thunder trading Westbrook if the front office had concerns he wouldn't re-sign.
By acquiring George, though, general manager Sam Presti sent the message that he and the team are firmly focusing on contending in the short term. The strategy could backfire should George and Westbrook depart in the offseason, but it showed the Thunder have every intention of keeping Westbrook as a fixture of their future plans regardless of whether he enters the 2017-18 season with a new contract.