Luka Doncic has become the first player to be handed a supermax rookie extension worth $207million, tying him to the Dallas Mavericks for a further five years.

Doncic qualifies for the landmark deal having already twice been named to the All-NBA First Team.

Bill Duffy, Doncic's agent, told ESPN of the agreement on Monday, while the player released a statement through the same publication.

"Today is a dream come true," he said. "The game of basketball has given me so much and has taken me to so many amazing places.

"I am humbled and excited to remain in Dallas as part of the Mavericks and appreciate the support of my fans."

Doncic, who is set to hold a news conference in Slovenia on Tuesday, added he would be expanding The Luka Doncic Foundation.

The 22-year-old is in Slovenia having led his country to the semi-finals of the men's basketball tournament at the Tokyo Olympics.

It’s definitely not easy. We fought till the end! What a pleasure has been for my country in 1st Olympics ever for us!!! So proud of these guys! #Brothers pic.twitter.com/kkkUqatoxr
— Luka Doncic (@luka7doncic) August 7, 2021

The European champions were Games debutants but came within a clutch Nicolas Batum block of reaching the gold medal game.

Doncic led the competition in a number of categories across the board, including points (143), assists (57) and minutes played (196).

His triple-double against France in the last four was the third in Games history, but the point forward suffered the first defeat of his international career and then lost again to Australia in the bronze medal game.

Focus will now return to the NBA, where Doncic will hope his individual excellence can inspire improved results for the Mavs.

Dallas have not won a playoff series since they were champions 10 years ago, despite Doncic's outstanding displays taking the Los Angeles Clippers to six and then seven games in the past two seasons.

Doncic has scored 33.5 points per game across those two postseason series – no player in NBA history has played at least 13 playoff games and averaged more.