Milwaukee, WI -- (Sports Network) - The Milwaukee Bucks have reportedly come to terms with center Andrew Bogut on a five-year contract worth $60 million in guaranteed money.

The Milwaukee Journal-Sentinel reported Wednesday that, according to his agent, David Bauman, the deal, which is worth up to $72.5 million with bonuses, will be official later this week.

The top overall pick in the 2005 draft out of Utah, Bogut averaged 14.3 points and 9.8 rebounds in 78 games for Milwaukee last season, his third in the league. His point and rebound averages have increased in each of his three seasons, and the seven-foot center has career averages of 11.9 points and 8.5 rebounds per game for the Bucks.

Bogut still has one year remaining on his rookie contract, which will pay him $6.9 million for next season. The new deal kicks in for the 2009-2010 season. Bogut will soon be back on the hardcourt for the Australian national team as it competes in the Summer Olympics in China in August.