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  (Photo: Reuters/ Danny Moloshok)
  Oklahoma City Thunder point guard Russell Westbrook

Russell Westbrook, point guard for the Oklahoma City Thunder, agreed to the terms of a long-term extension with the team on Thursday.

Beginning next season, Westbrook, 23, will receive the maximum allowable extension of $80 million over five years, according to Yahoo! Sports.

Thunder's General Manager, Sam Presti couldn't be happier with the decision.

"Since we arrived in Oklahoma City, Russell's work ethic, persistence, character and involvement in our community have helped us establish the standards that we are committed to on a day-to-day basis. He is a valued member of our organization and we look forward to his continued contributions on and off the floor," Presti said in a team release.

Last season, Westbrook made his first All-Star team and averaged 21.9 points, 8.3 assists and 4.6 rebounds, playing in all 82 regular season games for the second consecutive season, FOX Sports reported.

"We are thrilled to solidify Russell's future with the Thunder," Presti added. According to Yahoo! Sports, the deal represents 25 percent of the Thunder's budget under the salary cap.

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Westbrook and teammate Kevin Durant carried the Thunder to the Western Conference Finals last season, but were defeated by the Dallas Mavericks.

At 12 wins and three losses, Oklahoma City currently has the best record in the West, FOX Sports reported.