Salt Lake City, UT (SportsNetwork.com) - The Utah Jazz have signed former No. 3 draft pick Derrick Favors to a multi-year contract extension.

The Jazz didn't release terms of the deal Saturday, but Yahoo! Sports reported it was for four years and $49 million.

Favors, 22, averaged 9.4 points, 7.1 rebounds and 1.7 blocks last season -- all career-highs -- in 77 games.

Jazz general manager Dennis Lindsey called Favors, who was drafted by the Nets in 2010, "an important part of our future."

"He brings a toughness and defensive mind set that make him a key piece to what we are trying to build here," Lindsey said in a statement. "Derrick is also a high-character individual and he has shown a dedication to continue to improve all aspects of his game."

The 6-foot-10 Favors thanked the Jazz "for their trust and confidence" in his abilities and said Utah has become his home.

"I am excited to be able to continue my career playing for the Jazz and the best fans in the NBA," he said.

He has averaged 8.3 points, 6.3 rebounds and 1.2 blocks in 220 career NBA games for the Nets and Jazz.