The Indiana Pacers and All-Star forward Paul George will announce his contract extension at a news conference at 11 a.m. Wednesday at Bankers Life Fieldhouse according to a source close to the negotiations.

George is eligible for a five-year contract that will pay him approximately $80 million to $90 million according to the NBA’s collective bargaining agreement. If he is named to one of the league’s three All-NBA teams at the end of next season he would be eligible for more than $90 million. If not he could make almost $80 million.

George was a first-time All-Star last season and was named the Most Improved Player. He averaged 17.4 points 7.6 rebounds and 4.1 assists per game and led the Pacers to the seventh game of the Eastern Conference finals before falling to eventual NBA champion Miami Heat