MILWAUKEE -- The Bucks have signed coach Jason Kidd to a three-year contract extension, keeping him in his position through the 2019-20 season, the team said Tuesday.

Financial details were not announced, but a source previously told ESPN's Marc Stein that the extension is worth up to $18 million over three years. Kidd will make $5 million in the final year of his original three-year contract before the extension begins after this coming 2016-17 season.

In a news release, Bucks co-owner Wes Edens called Kidd "the right man for the job" and said the team thinks there is "no better fit to lead our young and talented roster."

General manager John Hammond said Kidd and his staff "work tirelessly to help our players grow and develop and I look forward to working with them to build our roster into a consistent contender."

Jason Kidd said the Bucks are "committed to the goal of building a team that consistently competes for titles." AP Photo/Kathy Willens

Kidd said he appreciates the confidence the team owners have placed in him by signing him to the extension.

"We have a hard-working group of coaches that want to teach our young players and help them reach their full potential. We still have work to do but we're committed to the goal of building a team that consistently competes for titles," Kidd said in a statement.

Kidd is entering the last year of a three-year deal with Milwaukee initially signed in 2014. He is 74-90 over his first two seasons, including a 41-win season and playoff appearance in 2014-15.

The Bucks took a step back this past season with a 33-49 record, finishing last in their division. But there are bright spots in Jabari Parker, Giannis Antetokounmpo and Khris Middleton. The team has the 10th pick in Thursday's NBA draft.

Kidd also coached in Brooklyn for one season, guiding the Nets to a 44-38 record and a playoff appearance in 2013-14.

Before becoming a coach, Kidd played 19 years in the NBA, including 10 All-Star Game appearances and an NBA championship in 2011 as a member of the Dallas Mavericks. Kidd also won gold medals with the U.S. in the 2000 Olympics in Sydney and the 2008 Olympics in Beijing.

The Bucks plan to open a new downtown arena in 2018, in time for the second season of the three-year extension with Kidd.

The Associated Press contributed to this report.