On the first possible day to do so, the New Orleans Pelicans wasted no time in handing out an enormous (and deserved) contract extension to star Anthony Davis in free agency.

ESPN reports that Davis has agreed to a five-year deal worth roughly $145 million, reportedly the league's richest once it becomes official. The contract will kick in starting with the 2016-17 season and will keep Davis in New Orleans through his 28th birthday.

First-round picks from the 2012 NBA draft such as Davis (who went No. 1 overall) are eligible to negotiate contract extensions from now through Oct. 31. Deals cannot be officially signed until a leaguewide moratorium on roster business is lifted on July 9.

But that hasn't hampered Davis' excitement. The young big man tweeted the news shortly after free agency began early Wednesday morning.

The precise numbers of Davis' new deal will depend on how much the NBA salary cap rises next season.

"Because Davis was elected by the fans to start in last February's All-Star Game, and since he also earned All-NBA first-team honors, New Orleans will have the ability to include a provision in the deal that entitles Davis to start his max deal at 30 percent of the league's salary cap as opposed to 25 percent, provided he is an All-Star starter or earns All-NBA honors next season as well," ESPN's Marc Stein explained.

Davis led the league in blocks per game (2.94) last season while finishing fourth in scoring (24.4), seventh in field goal percentage (.535) and eight in rebounding (10.2). His potential as a franchise player is firmly cemented in the eyes of new Pelicans coach Alvin Gentry.

"I just think he's one of those special players that comes along once every 25 or 30 years," Gentry said at his introductory news conference. "He's got a chance to be Tim Duncan. He's got a chance to be Kevin Garnett. He's got a chance to be one of those special players, and I think when you have a foundation of a great player like that, then I think you got something special."

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