New Orleans, LA -- (Sports Network) - The New Orleans Hornets have signed star point guard Chris Paul to a contract extension on Wednesday. Per team policy, terms of the contract were not released.

The New Orleans Times-Picayune reported last week that the deal is for three years, with an option for a fourth year, and is worth around $68 million.

The deal had been completed last week, but was unable to be announced until today when the moratorium imposed by the NBA on player signings ended.

"New Orleans is where I want to be, we have a great franchise and I am blessed to have an opportunity to be a Hornet," Paul said. "I want to thank the Shinn family for their belief in me and we all look forward to many great moments ahead."

Paul, the fourth overall pick out of Wake Forest by the Hornets in the 2005 draft, became the league's premiere point guard this past season after averaging 21.1 points and leading the league with 11.6 assists and 2.7 steals in 80 games as the Hornets claimed their first Southwest Division title and advanced to the Western Conference semifinals.

"Chris is a special player and the best point guard in the NBA, plus he is only 23 years old," Hornets head coach Byron Scott said. "This is a huge step in helping us continue our march for an NBA championship."

In 222 games over three seasons, Paul has averaged 18.2 points, 9.5 assists, 4.5 rebounds and 2.3 steals. In 2005-06, the 23-year-old earned Rookie of the Year honors, and in 2008 he made his first All-Star team and was on the All- NBA first team.