The Houston Rockets and newly-acquired guard James Harden agreed to a multi-year contract extension, the team announced on Wednesday.

Terms of the deal were not disclosed, but multiple sources are reporting Harden will receive nearly $80 million over five years.

Harden, the reigning Sixth Man of the Year, was dealt from Oklahoma City to Houston on Saturday in exchange for guards Kevin Martin and Jeremy Lamb, two first-round draft picks and one second-rounder.

"James Harden is the foundational-type player we have been looking to add," said Rockets owner Leslie Alexander. "He is a tremendous, young player with the ability and skill set to be an All-Star. He is ready to make the next move up to join the elite players in the NBA."

The Thunder also sent guard Daequan Cook, forward Lazar Hayward and center Cole Aldrich to the Rockets.

Taken with the third overall pick in the 2009 NBA Draft, Harden posted career- highs in both points (16.8) and assists (3.7) per game in 2011-12 to help the Thunder capture the Western Conference Championship.

According to league sources, Harden turned down a four-year deal worth up to $54 million with the Thunder before he was traded.

Houston also picked up options on the contracts of forwards Marcus Morris and Patrick Patterson.

Morris was selected with the 14th overall pick in the 2011 NBA Draft, but spent most of the season in the NBA D-League with Rio Grande Valley where he averaged 20.7 points and 8.3 rebounds per game.

Patterson was taken 14th overall in the 2010 NBA Draft and has posted averages of 7.1 points and 4.2 rebounds over 116 games with the Rockets.