Chris Paul has verbally agreed to a five-year, $107 million contract extension to remain with the Los Angeles Clippers, his agent, Leon Rose, confirmed to ESPNLosAngeles.com on Monday morning.

Paul can't sign his new contract until July 10 but could agree to terms as of 12:01 a.m. ET.

"I'm in. ClipperNation," Paul tweeted.

Paul always intended to stay with the Clippers, sources said, and that sentiment was only strengthened when the team tabbed Doc Rivers as head coach and senior vice president of basketball operations earlier this week.

Sources have said Paul at least entertained the thought of going to the Atlanta Hawks with Dwight Howard, who also will enter free agency.

Paul will become the second high-profile player to sign a long-term extension with the Clippers in the past two seasons. Blake Griffin signed a five-year, $95 million extension last summer.

Paul, a two-time Olympic gold medalist who led the Clippers to their first Pacific Division title last season, has helped turn around the Clippers franchise in two seasons since coming in a trade from New Orleans.

The Clippers have made the playoffs in both of his seasons, advancing to the second round in 2012, and went 56-26 last season for the best record in their history.

Paul averaged 16.9 points, 9.7 assists and an NBA-best 2.4 steals per game. He was the Western Conference player of the month in December, when the Clippers went 16-0.