Photo: Michael Reaves/Getty Images

Tyler Herro and the Miami Heat have agreed to a four-year, $120 million extension (h/t ESPN’s Adrian Wojnarowski).

After a shady offseason wherein speculations are swirling if both sides will eventually land an extension, it comes out that both Herro and Miami will continue to enjoy an extended partnership.

Herro, 23, will earn $120MM with incentives of up to $10 million. His contract will run through the 2026-27 campaign.

“Tyler is an impact multifaceted player and we are excited to have him signed for the next five years,” Heat president Pat Riley said in a statement. “His improvement every year since we drafted him has led to this day.

“We believe he will continue to get better.”

Herro is coming off a robust 2021-22 season with the Heat, wherein his career-highs in points (20.7), rebounds (5.0) and assists (4.0) in 66 games played (10 starts) earned himself a Sixth Man of the Year honors.