updated 11:02 a.m. ET July 18, 2008

Deron Williams and the Utah Jazz are close to settled on a long-term contract. The deal is for $70 million over three years with an option for a fourth season.

Once the deal is complete, Williams will be locked up until the summer of 2012. The team had hoped for a five-year extension, according to the Salt Lake Tribune.

Now 24, Williams averaged 18.8 points and 10.5 assists last season, both career highs, and was second-team All-NBA. He will play for Team USA in the Beijing Olympics. Williams is 6-3, 205 pounds and played college ball at Illinois. He is from Texas.

He was the third overall pick in the 2005 draft and has shown steady improvement.

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