Boris Diaw has agreed to a five-year, $45 million contract extension with the Phoenix Suns, a source told The Associated Press on Thursday night.

The team would not confirm the signing but scheduled a 4 p.m. ET news conference Friday.

The deal was finalized Thursday, according to a person with knowledge of the situation, who asked not to be identified because the team was not scheduled to officially announce the extension until Friday.

The agreement will keep the 6-foot-8 forward under contract through the 2011-12 season. It was first reported by Phoenix radio station XTRA Sports late Thursday afternoon.

Diaw declined to comment before Thursday night's preseason game against Sacramento.