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Chris Paul agrees to stay with Phoenix Suns, securing four-year deal that could be worth up to $120 million, his agents say

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Why CP3 staying with the Suns is a big deal (1:23)

Kendrick Perkins details the importance of Chris Paul staying with the Suns on a four-year deal worth up to $120 million. (1:23)

Phoenix Suns All-Star guard Chris Paul has agreed to stay with the Western Conference champions on a new four-year deal that could be worth as much as $120 million, his agents Steve Heumann and Ty Sullivan told ESPN on Monday.

The 16-year NBA veteran averaged 21.8 points on 54.4% shooting and 8.2 assists per game during the Suns' NBA Finals loss to the Milwaukee Bucks.

Paul is expected to be ready for the start of training camp this season after having left wrist surgery, a source told Marc J. Spears of ESPN's The Undefeated on Monday. Paul had the surgery after the NBA Finals, the source said. The 36-year-old was seen wearing tape on his left wrist during the Finals.

Paul, who declined his $44 million player option for next season before the new deal was agreed to, is an 11-time All-Star coming off a season in which he averaged 16.4 points on 49.9% shooting (39.5% from 3), 8.9 assists and 1.4 steals per game.

He won't get too many more bites at the apple, so this decision could very well determine if he'll finish his career with an NBA title.

Following the Suns' Game 6 loss in the NBA Finals, Paul seemingly hinted at interest in staying in Phoenix to help the Suns get over the hump. Clearly, he meant it.

"I think for me, I just look at myself and figure out how can I get better, what I could have done more and make sure I come back next season ready to do it again," he said.

Also Monday, the Suns worked on their depth, agreeing to terms with guard Cameron Payne and center JaVale McGee, a source said. After ironing out the deal for Paul, the Suns finalized a three-year, $19 million pact with Payne and gave McGee a one-year contract, the source said.

Payne, the 14th overall draft pick in 2015, resurrected his career in Phoenix, becoming a vital part of the Suns' rotation. Payne joined the Suns in the bubble last summer, and after a quality run as part of the group that went 8-0, had his option picked up for the 2020-21 season.

Payne, 26, spent his first two seasons with Oklahoma City, backing up Russell Westbrook and famously serving as his pregame dance partner. Payne dealt with a series of injuries to start his career, including a broken foot in 2016. He was traded to Chicago at the deadline that season and spent the next two years with the Bulls.

McGee, 33, started last season with the Cleveland Cavaliers, averaging 8.0 points and 5.2 rebounds in 33 games before getting dealt to the Denver Nuggets for Isaiah Hartenstein and two second-round picks.

McGee, though, played in only 13 regular-season games and averaged 13.5 minutes backing up MVP Nikola Jokic. The 7-foot center was added as a replacement to Team USA after Kevin Love withdrew in July.

ESPN staff writers Dave McMenamin, Ohm Youngmisuk and Royce Young, and ESPN senior writer Ramona Shelburne contributed to this report.