Houston Rockets owner Leslie Alexander told FOX 26 Sports on Thursday that he and general manager Daryl Morey have reached a verbal agreement on the key components of a 4-year extension.
Morey has one-year left on his contract, so the four-year extension ties him to the Rockets through the 2017-18 season.
"The reason I extended Daryl, I thought he's done a terrific job in his tenure with the Rockets," Alexander said.
"I think he's somebody we want to keep around for a long time to help construct the team."
Morey joined the Rockets as assistant general manager in 2006, and succeeded Carroll Dawson as general manager the following year.
Prior to this season Morey traded for guard James Harden and signed guard Jeremy Lin and center Omer Asik as free agents, moves that have propelled the Rockets into the playoff hunt.