The Celtics and point guard Rajon Rondo have reached an agreement in principle on a five-year contract extension, according to Yahoo! Sports.

The deal is rumored to be worth at least $55 million.

The deadline to reach an extension is Monday and Rondo's agent, Bill Duffy, corroborated with the report.

"As much as we were willing to wait his contract out, the Celtics stepped up to the plate to meet the original request," Duffy said told Yahoo!. "This is a really fair contract. We wanted him to be paid like one of the top five point guards around. It also allows the Celtics to maintain continuity to continue to be one of the best teams at this time."