Utah Jazz guard Deron Williams has agreed to a four-year contract extension worth up to $70 million. The first three years of the deal are worth $50 million, which will take him through the 2011-2012 season, while the fourth and final year contains a player option worth up to $20 million.

At just 24 years of age, Williams is widely regarded as one of the top guards in the game. The three-year NBA veteran started all 82 regular season games for Utah this past season, where he held averages of 18.8 points, 10.5 assists, and three rebounds per game on 50.7% shooting. Throughout the 2008 NBA Playoffs, where Utah was eliminated in the second round by the Los Angeles Lakers, Williams increased his level of play. Through 12 postseason outings, the budding superstar put up 21.6 points, 10 assists, and 3.6 rebounds per contest while pouring in a 50% three-point shooting clip.

Williams and the Jazz will hold a press conference making this announcement this afternoon at 4:00 pm ET.