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Oakland, Calif. • The Golden State Warriors and shooting guard Klay Thompson have agreed to a four-year maximum contract extension worth about $70 million, a person with knowledge of the deal said Friday.

The person, who spoke to The Associated Press on condition of anonymity because an official announcement has not been made, also said there is no opt-out clause for either side. Thompson and the team had until the end of Friday to get a deal done or Thompson could become a restricted free agent next summer, when the Warriors would've had an opportunity to match any offer sheet he signed.

Golden State drafted Thompson out of Washington State with the 11th overall pick in 2011. He has become one of the NBA's top two-way guards and teamed with fellow "Splash Brothers" star Stephen Curry to form one of the league's best backcourts.

Thompson averaged 18.4 points, 3.1 rebounds and 2.2 assists last season, helping the Warriors reach the playoffs for the second straight year. He shot 44.4 percent from the floor and 41.7 percent from 3-point range.

The Warriors refused to include Thompson in any trade talks with Minnesota for Kevin Love this offseason, believing all along that he and Curry could carry them to a title on their streaky shooting strokes. Thompson began to validate the decision over the summer, dazzling during the FIBA World Cup in Spain with Curry to help the U.S. win gold.

The payday will put more expectations on Thompson, especially with fans still split about losing Love to Cleveland, but he appears ready for the challenge.

Thompson led the Warriors with 21.7 points per game in the preseason, shooting 50.9 percent from the floor, including 50 percent from beyond the arc. He scored 19 points in Golden State's season-opening 95-77 win at Sacramento on Wednesday night.

But his contributions go beyond shooting and scoring.

At 6-foot-7 and 215 pounds, the lengthy Thompson often defends the other team's best guard. That includes covering everybody from the Clippers' Chris Paul to Lakers star Kobe Bryant, taking pressure off teammates on the perimeter, most notably the undersized Curry.

Warriors general manager Bob Myers made extending Thompson's contract one of his top offseason priorities, and he predicted from the get-go that it could go right up to the deadline.

Thompson was seeking a max deal, which he may have been able to get as a restricted free agent next summer. Teams could've put clauses in the contract to make it difficult for the Warriors to match then, so they decided to tie up Thompson now.

The Warriors were also trying to balance Thompson's needs with their own payroll concerns. After all, the team will be facing similar scenarios with Draymond Green, Harrison Barnes and Festus Ezeli next year and has increasingly less room to wiggle under the salary cap with its current roster.

Thompson's deal eclipses the contract Curry signed prior to the 2012-13 season when he was due for an extension.

Golden State signed Curry to a $44 million, four-year extension on Oct. 31, 2012. Curry, who started his first All-Star Game for the Western Conference last season, was coming off his second surgery on his right ankle in as many years that summer and questions persisted about his durability.

That risk worked out well for the Warriors. Curry's contract has become of the league's best bargains, and Golden State is banking on Thompson's talents to evolve in much the same way now.

Cavaliers sign Varejao to contract extension

The Cavaliers have signed starting center Anderson Varejao to a contract extension.

Terms of the deal were not immediately known.

Varejao was in the final year of a six-year contract he signed in 2008. He was eligible to become a free agent this summer, but the Cavs decided to lock him up for a few more seasons.

Cavaliers general manager David Griffin said Varejao "represents how this franchise wants to approach the game of basketball, both on the court and off."

Known for his non-stop energy on the floor, the 32-year-old Varejao has played in 535 games with Cleveland, averaging 7.8 points and 7.8 rebounds per game. He has appeared in a franchise-record tying 71 postseason games.

The Cavs have until midnight Friday to sign Tristan Thompson to a contract extension. If they decide not to sign him, Thompson will be a restricted free agent next summer.