According to The Associated Press, Russell Westbrook and the Oklahoma City Thunder have finalized a three-year $85.7 million deal. This ends a rampant chorus of speculation concerning Westbrook's status with the Thunder organization. Per Darnell Mayberry of NewsOK, a press conference to announce the All-NBA guard's re-signing will be held today at 4:30 PM from Chesapeake Energy Arena.

The Thunder has announced a 4:30 p.m. press conference for a "major announcement." — Darnell Mayberry (@DarnellMayberry) August 4, 2016

The returning Westbrook will suit up at least two more seasons with OKC, with a player-option for a third. Oklahoma City fell just one game short of the 2016 NBA Finals before Kevin Durant jolted the franchise by signing a two-year pact with rival Golden State. After Durant's departure, fans and pundits alike created a hotbed of conjecture regarding Westbrook's future in OKC. However, an emphatic sigh of relief can now be released from Thunder Nation as Westbrook will stay put.

Regarding Thunder Nation, Westbrook had these words for the Oklahoma City faithful after finalizing his extension.

"I am grateful to extend my contract with the Thunder and continue to play with the only organization that I have played for and have loved being a part of since I was drafted into the NBA, I’m really excited about moving forward with this group of guys and continuing to play in front of the best fans in the world."

Last year the 27-year-old Westbrook enjoyed one of his finest all-around campaigns, and now figures to be an early darkhorse MVP candidate.

WTLC will have reaction and analysis from Westbrook's late-afternoon presser.