The Warriors selected Poole, a former University of Michigan star, with the 28th overall pick in the 2019 NBA draft.
The second-year pro is averaging 6.3 points on 39.1 percent shooting in 15.0 minutes through four games this season.
Poole will earn $2,161,440 during the 2021-22 campaign, per HoopsHype. The Warriors also have a team option for the 2022-23 season worth $3,901,399.
Poole played 57 games (14 starts) for the Warriors during his rookie year, averaging 8.8 points on 33.3 percent shooting (27.9 percent from three-point range). He also added 2.4 assists and 2.1 rebounds in his 22.4 minutes per game.
He received extra playing time in 2019-20 with the Warriors' backcourt severely short-handed due to injury. Poole is now coming off the bench with Andrew Wiggins and the newly acquired Kelly Oubre Jr. manning the wing alongside two-time NBA MVP Stephen Curry, who is running the point.
The 21-year-old spent two years at Michigan and helped the Wolverines reach the NCAA Division I men's basketball championship game in 2018 against Villanova. Poole notably knocked down a game-winning, buzzer-beating three-pointer against Houston in the second round to push Michigan into the Sweet 16.
Poole came off the bench for Michigan during his freshman year before starting during his sophomore year, averaging 12.8 points on 43.6 percent shooting (36.9 percent from three-point range).
The Milwaukee native's shot hasn't fallen as frequently in the NBA, but Poole still has plenty of time to develop his game and improve his jumper. At any rate, the Warriors clearly see enough potential to give him a third year and keep him in town through 2022.