Oklahoma City Thunder forward Nick Collison has signed a two-year, $7.5 million contract extension with the team, according to Adrian Wojnarowski of Yahoo Sports. The contract is fully guaranteed for both years.

Collison, who has spent his entire career with the Thunder organization, has been averaging 3.8 points and 3.4 rebounds in 16 minutes per game. He was selected 12th overall in 2003 by the Seattle SuperSonics and is the longest-tenured member of the team.

His minutes have been dropping gradually, but the 34-year-old veteran makes big time defensive plays for this young team when it matters most.

It’s been a great professional experience since the day I arrived,” Collison said. “I’m proud of what we have built together and I am grateful to be able to stay with the club and continue to work together.”

Nick Collison’s current contract pays him $2.2 million, but that amount will rise next season with this new deal and will keep Collison on board until 2017.

We are excited that Nick Collison will continue his tenure with the Thunder. Since our arrival in 2008, Nick has helped us establish the standards on and off the floor that we work by on a day-to-day basis,” Sam Presti, Thunder’s general manager, said. “He has accepted various role, demonstrated professionalism in all aspects of his craft, and shown a commitment to an organizational philosophy that is rare in sports today. Nick is the type of player that will always be valued in Oklahoma City, and we are thrilled he will continue to be a foundational member of the Thunder moving forward.”