Turner averaged 12.7 points and 6.4 rebounds in 65 games for the Pacers last season.
Myles Turner will remain with the Pacers for the foreseeable future.
Wojnarowski reports the extension could be worth up $80 million with bonuses.
Turner is entering the final year of his rookie deal.
Turner averaged 12.7 points and 6.4 rebounds in 65 games for the Pacers last season. He also shot a career-high 35.7 percent from 3-point range on 2.4 attempts per contest.
Indiana originally selected Turner out of Texas with the 11th pick in the 2015 draft. He has tallied 12.7 points per game over his three NBA seasons.
The Pacers are set to open the regular season Wednesday against the Grizzlies.