8:33pm: Howard Beck of the New York Times has the details on Lopez's contract, which includes a player option in the fourth year. Lopez will get $13.668MM for the coming season, $14.694MM in 2013/14, $15.719MM in 2014/15 and, the option is for $16.774MM in 2015/16. (Twitter links)
7:47pm: The Nets have announced the contract is official, via Twitter.
5:34pm: Sam Amick of SI.com reports that Lopez turned down four-year maximum offer sheets from the Bobcats and Blazers because he felt like the Nets would just match them anyway (Sulia link). There were reports that Lopez and the Nets were working on a fifth year for the deal, but apparently they weren't able to agree to that. Chris Sheridan of SheridanHoops.com pegs the precise value of the extension at $60.8MM (Twitter link).
4:47pm: The Nets and Brook Lopez have agreed to an extension, reports Stefan Bondy of the New York Daily News. Adrian Wojnarowski of Yahoo! Sports reports the deal is for four years and $61MM (Twitter links). The move presumably takes the Nets out of the Dwight Howard trade discussions for now, since Lopez can't be traded until January 15. Wojnarowski adds via Twitter that Lopez is expected to sign the deal tonight.