The Sixers announced Friday that they have restructured Robert Covington's current deal and signed him to a multi-year contract extension.

The renegotiated salary for the remainder of this season combined with his newly inked four-year deal is worth a reported $61.5 million.

Sources confirmed that the terms of a new contract were working toward finalization on Wednesday ahead of the Sixers 115-109 victory over the Lakers.

"I'm blessed to be here another four years," Covington said after the game.

In his fifth NBA season, Covington is posting career highs in shooting percentage (50) and three-point shooting percentage (49.5), while averaging 16.5 points, 5.7 rebounds, 1.5 assists, and 1.5 steals per game.

"Robert Covington is a prime example of what hard work, dedication and commitment can lead to,"  Sixers general manager Bryan Colangelo said in a statement released by the team. "Rob's growth as a player on both ends of the floor makes him one of the most versatile and effective wings in the league, while his contributions of character and professionalism feature prominently in our evolving organizational culture. This extension is both well-deserved, and a really great story."

Undrafted out of Tennessee State in 2013, Covington signed with the Houston Rockets and spent time in the G-League before being waived and joining the Sixers. Now he is one of the Sixers leaders and a reliable two-way threat on the floor.

Covington finished fourth in defensive player-of-the-year voting last season after leading the league in deflections. He currently ranks fourth in the NBA averaging 3.4 deflections per game, and his 50 made three-pointers this season ranks fourth in the league.