By James H. Williams

UPDATE (July 10):

Kyrie Irving officially signs his 5-year contract extension worth $90 million with the Cavaliers.

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The Cleveland Cavaliers and point guard Kyrie Irving agreed to a five year max contract extension worth $90 million. Irving had one year left on his current deal.

I’m here for the long haul Cleveland!!! and I’m ecstatic!! Super excited and blessed to be here and apart of something special.#ClevelandKID

— Kyrie Irving (@KyrieIrving) July 1, 2014

While Irving can not officially sign the contract until July 10th, team owner Dan Gilbert, who flew to New Jersey, announced on Twitter that he shook hands with Irving as an agreement that Irving intends to sign the deal.

The agreement with Irving happened just seven days after the franchise drafted Andrew Wiggins with the No. 1 overall pick in the 2014 NBA Draft.