The Memphis Grizzlies have locked down Jaren Jackson Jr.

Jackson and the Grizzlies are expected to agree on a five-year, $240 million max extension, according to ESPN's Shams Charania. The deal includes a player option during the 2029-30 season.

Jackson, who has spent his entire career with the Grizzlies, averaged 22.2 points and 5.6 rebounds per game last season while picking up his second All Star nod. Jackson was entering the final year of a four-year, $104.7 million deal he first signed with the Grizzlies ahead of the 2022-23 campaign. The 25-year-old would have been a free agent next summer. Now, the Grizzlies have him under contract through the end of the decade.

The Grizzlies also made a move to bring back Santi Aldama on Monday afternoon, too. Aldama, who was a restricted free agent this offseason, reached a new three-year, $52.5 million deal to return to the Grizzlies. Aldama, who was the No. 30 overall pick in the 2021 NBA Draft, is coming off a career season in Memphis where he averaged 12.5 points and 6.4 rebounds per game.

This post will be updated with more information shortly.