According to ESPN's Brian Windhorst, Irving's deal is worth around $90 million, citing league sources. Irving had one year remaining on his rookie contract which he signed in 2011:
"The Cleveland Cavaliers secured a major part of their future early Tuesday morning when franchise cornerstone Kyrie Irving agreed to a five-year maximum contract extension that will be worth approximately $90 million, according to sources with knowledge of the situation.
"Irving had one year remaining on his contract. The deal, which will go into effect next season and will run through the 2019-20 season, was announced by team owner Dan Gilbert on his Twitter feed:
"The deal can't be signed until July 10.
"Gilbert, Cavs general manager David Griffin, new coach David Blatt and other team officials traveled to Irving's home in New Jersey and presented him with the offer shortly after midnight to cap their offseason priority.
"Securing Irving's full five-year additional commitment was vital for the Cavs to stabilize the franchise, as Irving will be playing for his third coach in the past three seasons.
"Getting Irving's commitment is also symbolic; the Cavs were only able to sign former star LeBron James to a three-year contract extension in 2006 and it set the stage for his departure from the team in 2010. Gilbert had vowed not to let that happen again with a star player."
USA TODAY's Sam Amick confirms the agreement between the two parties:
"The Cleveland Cavaliers secured the most important piece of their future early Tuesday morning, when point guard Kyrie Irving agreed to a five-year, $90 million maximum contract that will be signed when the NBA free agency moratorium lifts on July 10.
"A person with knowledge of the situation confirmed the terms of the deal but spoke to USA TODAY Sports on the condition of anonymity because terms were not discussed by the team. Cavaliers owner Dan Gilbert tweeted about the agreement not long after the team's meeting with Irving, breaking the news that an agreement was reached.
"There were times in past few seasons when it appeared Irving's future in Cleveland may be in doubt, as he at times didn't appear to be a good fit with backcourtmate Dion Waiters and grew frustrated as the Cavaliers failed to make the playoffs in his first three seasons.
"But with new general manager David Griffin leading the front office effort and David Blatt having recently been named head coach, Irving clearly felt comfortable enough to commit for the long-term.
"The question in the coming days and weeks will be whether there's any chance of the Cavs pulling off the seemingly-impossible free agency coup: landing LeBron James. Again. James' most recent maneuverings have led many around the league to believe he'll re-sign with (the) Miami (Heat), but the Cavaliers are likely to speak with his agent, Rich Paul, about a possible reunion that seemed so unlikely when he left on the worst of terms via free agency in the summer of 2010.
"Securing Irving's services this early in the process certainly doesn't hurt on that recruiting front or any other. And either way, Cleveland now knows that it's (the) two-time All-Star who is still just 22 years old is staying put."
Irving averaged 20.8 points, 3.6 rebounds and 6.1 assists in the 2013-14 NBA seasons, per ESPN stats.
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