Words can't explain how blessed and happy I am! I want to thank my owner Mr Ted Leonsis, GM Ernie Grunfeld and the whole @WashWizards staff!
— John Wall (@John_Wall) July 31, 2013
According to multiple reports, Wall signed a five-year extension worth $80 million. The Wizards will formally announce the signing at a Thursday news conference.
"Since drafting John with the first overall pick, we have been impressed with his maturation, hard work and commitment to our franchise," Wizards owner Ted Leonsis said. "He is the cornerstone of our team, and we have clearly expressed our desire to build around him well before making it official by re-signing him today. We are extremely confident in his leadership abilities and are excited to see the continued improvement of the team."
Wall's deal will begin at the start of the 2014-15 season, the Washington Post reported.
ESPN.com's Marc Stein reported last week that Wall and the Wizards were close to the $80 million extension and that both sides were on course to have an agreement signed by Aug. 1.
Wall would have been eligible to sign an extension until Oct. 31. Without a deal by that deadline, he would have become a restricted free agent on July 1, 2014.
"I am both proud and humbled by the belief that the Wizards organization, the fans and my teammates have shown in me since I arrived here three years ago," Wall said. "I can promise all of them that I will repay that belief by representing the city of Washington and doing everything I can to get this team back where it belongs."
Although Wall missed nearly half of the 2012-13 season after knee surgery, his strong recovery during Washington's final 49 games and solid connection with fellow young guard Bradley Beal convinced Wizards management that the former Kentucky star is worthy of a franchise-player contract.
Wall averaged 18.5 points, 7.6 assists and 4.0 rebounds after his January return while shooting a career-best 44.1 percent from the field.
Information from ESPN.com's Marc Stein was used in this report.