The Orlando Magic and center Nikola Vucevic have agreed to a four-year extension worth $53-million, according to Yahoo! Sports' Marc Spears.

Vucevic, who is entering his fourth season, would have been eligible to become a restricted free agent in July had he and the Magic not reached an extension by the Oct. 31 deadline.

The four-year deal won't kick in until the start of next season.

Vucevic averaged 14.4 points, 11 rebounds, 1.8 assists and 1.1 steals in 57 games for the Magic last season.

The 23-year-old, Swiss-born, Montenegrin has posted career averages of 11.4 points and 9.7 rebounds over three seasons with the Magic and Philadelphia 76ers since being selected 16th overall by the Sixers in the 2011 NBA Draft.

Vucevic is one of only four players, along with Dwight Howard, Joakim Noah and Zach Randolph, to average at least 10 points and 10 rebounds in each of the last two seasons.

Vucevic isn't a great rim protector and is far from a defensive standout, but he is improving on that end of the floor. He's also a double-double machine with a developing offensive game.

Considering the massive leaps expected in the salary cap over the coming years, locking up an emerging young big man for a little over $13 million per year is a solid deal for the rebuilding Magic.