Joel Embiid, the MVP of the 2022-23 season, has extended his contract with the Philadelphia 76ers for three years and nearly $193 million.

The contract renewal was officially announced on Friday morning by the 76ers, who described the center as one of the best players in the franchise's history.

Although the 76ers did not specify the contract details, ESPN and 'The Athletic' report that Embiid will receive $193 million under a three-year deal, with a player option for the 2028-29 season.

"I started as a Sixer and I want to be here until the end of my career. When I was drafted, I was a 20-year-old kid from Cameroon and had no idea how lucky I was to be in Philadelphia," said Embiid.

"Through ups and downs, the city and the fans have meant everything to me, and I'm grateful for how they welcomed me," he added.

Josh Harris, an executive with the 76ers, stated that Embiid is a key part of the franchise's quest for a new NBA title.

The 76ers have won three NBA championships, but have not claimed a title since 1983.