Russell Westbrook and the Oklahoma City Thunder have agreed in principle to a renegotiated contract, as first reported by ESPN's Ramona Shelburne. The deal is for three years and $85-plus million, according to The Vertical's Adrian Wojnarowski. Westbrook is reportedly flying to Oklahoma City on Thursday morning to make it official.

From The Vertical:

The proposed deal would include a player option on the third year, which would clear the way for Westbrook to return to free agency in 2018. In the structure of a proposed deal, the renegotiation would move Westbrook's salary in 2016-17 from $17.8 million to a $26.5 million max salary. Westbrook would make $28.5 million in 2017-18 and $30.6 million in the third year under the proposed renegotiated deal. Oklahoma City is able to offer the extension because it has the appropriate salary-cap space available.

Russell Westbrook could be getting a raise. USATSI

From the Thunder's official release on Thursday:

The Oklahoma City Thunder has signed guard Russell Westbrook to a contract extension, it was announced today by Executive Vice President and General Manager Sam Presti. Per team policy, terms of the deal were not disclosed. "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," said Westbrook. "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." ... "Russell has been an outstanding leader of this team since he was drafted by our organization eight years ago. His competitiveness, character, and unique athletic ability have propelled him to the forefront of the game," said Presti. "Russell personifies many of the traits that are synonymous with Oklahoma and Oklahomans. We are excited that Russell has chosen to continue to build the legacy of the Thunder with us as we move forward together."

Five things to know: