Chris Paul is reportedly set to sign a new contract with the Phoenix Suns, and it’s apparently a big one.

According to a Monday (Aug. 2) report from ESPN NBA Insider Adrian Wojnarowski, CP3 has “agreed to stay on a new four-year deal that could be worth as much as $120 million, his agents Steve Heumann and Ty Sullivan of @CAA_Basketball tell ESPN.”

The Oklahoma City Thunder traded CP3 to the Phoenix Suns last year, and in his first year with the team, which features all-star shooting guard Devin Booker and a solid supporting cast, the team made it to the 2021 NBA Finals. With that in mind, even at age 36, it’s not all that surprising to see why the Suns would want to bring him back, even with a contract of that size.

This news arrives amid what’s been a busy first day of NBA Free Agency. Earlier today, it was reported that Lonzo Ball would sign with the Chicago Bulls for a four-year, $85 million deal. Around that same time, Kyle Lowry confirmed that he would be signing with the Miami Heat. The details of the deal haven’t yet been confirmed, but Yahoo’s Vincent Goodwill says it’s three-year deal. Lowry subsequently confirmed that he was going to the Heat, using his Twitter account to do so. He’ll join All-NBA wing Jimmy Butler and all-star Bam Adebayo.

While a few big deals have reportedly gone down, other big ones are very much up in the air. The Philadelphia 76ers are still shopping Ben Simmons, and they’re reportedly trying to get control of four first-round draft picks and an NBA All-Star in the trade. Thus far, both the Toronto Raptors and the Golden State Warriors have reportedly turned down deals involving Simmons. Check out Woj’s tweet about CP3’s purported deal for yourself below.