The deal will come via a renegotiation-and-extend, using the Jazz’s $33 million of open salary-cap space. League sources said Markkanen’s deal is projected to be worth upwards of $200 million over five years.

For Markkanen and Utah, this is a landscape-altering deal, keeping him off the trade market for a full season and out of 2025 free agency where he currently would have been the No. 1 available player.

The Jazz held Markkanen trade conversations with several serious suitors over the last month, including the San Antonio Spurs, Sacramento Kings and Golden State Warriors. The Warriors made the most aggressive offer, centered around Moses Moody, multiple first-round picks, pick swaps and second-rounders, team sources from both sides said. Utah wanted Brandin Podziemski in any theoretical deal. The Warriors were protective of Podziemski in the Markkanen conversation and a few other leaguewide trade proposals this summer, league sources said.