The Grizzlies signed Mike Conley Jr. to a contract extension late Monday night, according to the guard's agent.

Conley is represented by his father, Mike Conley Sr., and Bill Duffy.

The contract is worth $45 million over five seasons, according to sources with knowledge of the situation.

Conley's strong play in the preseason and early in the regular season is believed to have sparked the team's decision to lock him up over the long-term.