Larry Nance Jr. is remaining with the Cleveland Cavaliers after extending his contract.

Nance agreed to a four-year deal with the Cavaliers, the NBA franchise announced on Monday.

The new contract is reportedly worth $45million as Nance headed into the final year of his rookie deal.

"I'm actually at a loss for words right now," Nance said about the extension. "I'm extremely happy to be a Cavalier and I can now begin to establish my own long-term legacy in this community ... This is truly a dream come true."

Nance averaged 8.9 points and seven rebounds in 24 games for the Cavaliers last season.

The 25-year-old also added 4.8 points per game in 20 playoff appearances.

The Los Angeles Lakers originally selected Nance out of Wyoming with the 27th pick in the 2015 draft. He played in 168 games with Los Angeles before he was sent to the Cavaliers as part of the Isaiah Thomas trade in early February.

Nance has averaged 7.1 points per game over his three-year career.

The Cavaliers will open the regular season against the Toronto Raptors on Wednesday.