Orlando Magic center Nikola Vucevic has agreed to a four-year contract extension worth $54 million with his team on Tuesday.

A Yahoo Sports source said that the 24-year-old Vucevic has finally agreed to the terms of the extension which will earn him an average of $13.3 million per season.

During his first two seasons with the Magic, Vucevic averaged 13.6 points and 11.5 rebounds. He was traded to the team from the Philadelphia 76ers as Dwight Howard's replacement.

"The Magic had until the end of Halloween to reach an extension to avoid Vucevic becoming a restricted free agent next summer where he would have been one of the top big men on the market," Yahoo Sports revealed.

In a similar report, ESPN noted that Vucevic is now the fourth former 2011 first-round pick to get an extension before the Oct. 31 deadline. The other players who got extended contracts are Clevaland Cavaliers' Kyrie Irving, Denver Nuggets' Kenneth Faried and Phoenix Suns' Markieff and Marcus Morris.

His extension is not surprising to many especially that he is one of the consistent players in the Magic roster. ESPN added that he is also "one of the only five players" in the NBA who averages 10 rebounds per game for the last two seasons. Vucevic joins the ranks of Kevin Love, Joakim Noah, Zach Randolph and Howard.

In an interview with Fox Sports, Vucevic said he has always wanted to stay with the Magic. "So obviously I'm very excited," said the player during an interview before their preseason game against the Houston Rockets.

"It means a lot to me that they brought me here first and gave me a chance to play. They gave me a chance to prove myself, and they believed in me. There have been tough times, but this means a lot for my confidence," he added.

For his part, Magic coach Jacque Vaughn said that Vucevic's extension on the team is a great thing since the coach considers him a "very intelligent basketball player."

"He's able to use that on both ends of the floor. I've enjoyed tremendously coaching him and being around him. I give him a lot of credit for allowing me to coach him, to push him and hold him accountable on both ends of the floor," he added.

But with Vucevic's extension, Bleacher Report said that this might have an effect on the potential extension of forward Tobias Harris' contract.

The report noted that if the Magic will not extend Harris, his $3.6 million qualifying offer "will automatically kick in." Under the NBA's collective bargaining agreement, the Magic can match any offer "above and beyond that" during the start of the free agent market next year.

But the team is now more focused on capitalizing on the skills and talents of Vucevic who will have a longer time to prove to the team that he is worth every penny.