Myers said he's expecting the Blazers to hold a news conference on Friday to announce the deal, which was first reported Wednesday by Yahoo! Sports.

The extension could be worth more than $80 million, depending on what the league's salary cap is for the 2010-11 season. That would be the second-richest in Portland's history.

The 25-year-old Roy will earn just under $4 million this season, the final year of his rookie contract. The new deal is likely to net him around $14 million for the 2010-11 season, and he will receive 10.5 percent raises on his base salary each season from 2011-2012 through the end of the deal.

Myers acknowledged it is rare for players today to remain with one team for their entire careers because of free agency and the salary cap, but said Roy "is one of the unique players to have a chance to have that sort of relationship with one team."

"Both sides would benefit in that arrangement," Myers said.

The 25-year-old Roy led the Blazers with 22.6 points and 5.1 assists per game last season, his third in the league. The Seattle native and 2006 Pac-10 player of the year at Washington was the NBA Rookie of the Year in 2007 as the No. 6 overall pick by Minnesota, who traded his rights to Portland.

The versatile, high-scoring guard helped the Blazers go 54-28 last season, which they began as the second-youngest team in the NBA and ended with their first postseason appearance since 2003. Roy scored 52 points in a game against Phoenix in December, the second-most points scored in a game by a Blazers player.

In the process, he and the team won back a fan base that had been jaded by the so-called Jail Blazers of the recent past.

Portland was 21-61 in the season before Roy arrived.