Including the two remaining years on Embiid's existing contract and a three-year extension, the full value of the five-year agreement is $301 million, according to multiple reports.
The formal contract extension signing was shared by the team and Embiid on social media Friday morning. The team didn't announce the financials, but the deal is worth a reported $193 million over three seasons - $64.3 million annually - and ends the speculation that Embiid could exit Philadelphia at the end of his existing deal.
Embiid, in a statement issued by the team, expressed his gratitude to the fans as well as John Harris, the owner and managing partner, and to David Blitzer, co-managing partner.
"I started a Sixer and want to be right here for the rest of my career. I had no idea when I was drafted as a 20-year-old kid from Cameroon how lucky I was to be in Philadelphia," Embiid said in a statement issued by the team.
"Through all the ups and downs, this city and the fans have been everything, and I am so grateful for how they've embraced me. I want to thank Josh, David, and the entire organization.
"Philadelphia is home and it's time to bring this community an NBA championship."
The Athletic and Yahoo Sports reported Embiid declined his $59 million player option for the 2026/27 season in favour of this new $193 million extension, which adds a player option for 2028/29.
The 76ers acquired marquee free agent Paul George in July to pair with Embiid and All-Star point guard Tyrese Maxey, who signed a max extension in the offseason.
"Joel has cemented himself as one of the greatest Sixers of all time and is well on his way to being one of the best players to ever play the game. We're ecstatic that this extension keeps him and his family in Philadelphia for years to come," Harris said.
"Joel is a great family man, leader, and person. He is an elite two-way player with a combination of size, strength, and athleticism that this league has rarely - if ever - seen.
"He is integral to this franchise's quest for another NBA Championship, and we are honoured that he continues to choose this organization as his NBA home."
Embiid was hobbled by a knee injury last season that limited him to 39 games. He averaged 34.7 points, 11.0 rebounds, and 5.6 assists in the regular season. His production in 2023-24 was virtually peerless across NBA history. Only Wilt Chamberlain has averaged at least 34.0 points, 11.0 boards, and 5.0 assists over any 39-game span.
Drafted No. 3 overall in 2014, Embiid is a five-time All-NBA selection and has been chosen for seven consecutive All-Star teams (2018-2024). The 2022-23 league MVP posted back-to-back seasons as the NBA's scoring champion beginning with 2011-12.
In 433 games (all starts) with the franchise, Embiid has per-game averages of 27.9 points, 11.2 rebounds, 3.6 assists and 1.7 blocked shots.
He ranks first in franchise history in points-per-game average and is seventh in total points (12,071), which includes eight 50-point games.