Nance averaged 8.9 points and seven rebounds in 24 games for Cleveland last season.
Larry Nance Jr. is remaining with the Cavaliers.
Cleveland and the 25-year-old forward have agreed to a four-year extension, the team announced Monday. The deal is worth $45 million, according to a report from Yahoo Sports, which cites unidentified league sources.
Nance was in the final year of his rookie contract.
OFFICIAL: @Larrydn22 has signed a four-year contract extension.
— Cleveland Cavaliers (@cavs) October 16, 2018
“I’m actually at a loss for words right now,” Nance said about the extension. “I’m extremely happy to be a Cavalier and I can now begin to establish my own long-term legacy in this community … This is truly a dream come true.”
Nance averaged 8.9 points and seven rebounds in 24 games for the Cavaliers last season. He also added 4.8 points per game in 20 playoff appearances.
The Lakers originally selected Nance out of Wyoming with the 27th pick in the 2015 draft. He played in 168 games with Los Angeles before he was sent to the Cavaliers as part of the Isaiah Thomas trade in early February.
Nance has averaged 7.1 points per game over his three-year career.
The Cavaliers will open the regular season Wednesday against the Raptors.