Eddie Jordan has signed a three-year contract extension with the Washington Wizards, the Associated Press is reporting.

The deal, signed late Friday, is worth $12 million over three years, including a team option for the third year, according to an official within the NBA who spoke to The Associated Press on condition of anonymity. It takes effect after Jordan's original four-year contract expires after the upcoming season.

"It just shows we're sticking with the formula," Jordan said Saturday morning in an interview with the AP. "The formula is the correct formula. The stability, that means a lot. That helps you continue to win in the NBA."