The Phoenix Suns have rewarded forward Boris Diaw with a five-year contract extension.

Financial terms were not disclosed, but according to the Arizona Republic, Diaw's new contract is worth $45 million.

Boris Diaw (with ball) averaged a career-high 13.3 points for the Suns last season.Boris Diaw (with ball) averaged a career-high 13.3 points for the Suns last season.
(Associated Press)

"We are very happy as an organization. Boris is definitely an up-and-comer and one of the more versatile players in this league," said Suns head coach/general manager Mike D'Antoni.

Drafted in the first round in 2003 by the Atlanta Hawks, Diaw didn't produce much in his first two seasons, averaging 4.6 points, 3.6 rebounds and 2.3 assists.

But Diaw's fortunes changed when Phoenix acquired him, along with two first-round picks, before last season in exchange for Joe Johnson. The native of Cormeilles, France flourished in the Suns' up-tempo offence, averaging 13.3 points, 6.9 rebounds and 6.2 assists en route to the NBA's most improved player award.

The versatile 6-foot-8 Diaw played even better in the playoffs, averaging 18.7 points, 6.7 rebounds, and 5.2 assists, though Phoenix lost to Dallas in six games in the Western Conference finals.

With files from Sports Network