The New Orleans Hornets announced the contract extension with Chris Paul on Wednesday, the Associated Press is reporting.

While the team did not reveal details about the deal, Paul's agent Lance Young said when the deal was verbally agreed upon last week that the extension, which takes effect in the 2009-10 season, is for at least three seasons with a player's option for a fourth.

Should Paul remain in New Orleans all four years, the total value of the contract would be about $68 million, Young said.