Anthony Davis has agreed upon a five-year, $145 million contract extension with the New Orleans Pelicans.

Davis was a First-Team All-NBA selection in just his third season. Davis will presumably be eligible for the Derrick Rose rule that allows for him to take 30 percent of the Pelicans' cap. Davis will need to be an All-NBA selection or voted onto the All-Star team as a start in 15-16.

Davis could have waited until 2016 to become a restricted free agent and then take the qualifying offer to become an unrestricted free agent in 2017, but he instead gets complete financial security in 2015.

Davis and his agent, Thad Foucher of Wasserman Media Group, met with New Orleans general manager Dell Demps and coach Alvin Gentry for a dinner in Beverly Hills, Calif., on Wednesday night and reached an agreement after midnight ET.

ESPN's Marc Stein reports Davis has a clause after Year 4 that allows him to become a free agent in 2020.