Jared Dudley and the Suns have agreed to a five-year, $22.5 million contract extension.

Dudley can opt out before the contract's final year, 2015-16.

"It was a very challenging environment now to do this," Suns President of Basketball Operations Lon Babby said, referring to negotiations between the NBA and players union for a new collective-bargaining agreement.

"You've got uncertainty about what the rules and CBA will be. It takes a lot of hard work, compromise and good will to get it done. We have great confidence in who he is as a player and as a person."