Houston Rockets guard Fred VanVleet is expected to re-sign with the team in the form of a two-year, $50 million contract, according to ESPN's Shams Charania. The deal trims VanVleet's annual salary nearly in half -- from the $44.

Per multiple reports, VanVleet and the Rockets have agreed to a two-year, $50 million extension. VanVleet had a team option for next summer, but this contract will keep him with the team until 2026-27. The new deal will include a player option, per reports.

VanVleet’s new deal gives the Rockets flexibility over the next year and gives him the opportunity to enter the 2026 free agency market where there will be more salary cap space for teams. Both sides believe in a partnership for years to come beyond the two years, sources said.