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Matt Gade, Deseret News
Utah Jazz power forward Derrick Favors (15) drives to the basket as Portland Trail Blazers center Meyers Leonard (11) defends in the second half of a game at the Energy Solutions Arena on Wednesday, October 16, 2013.

SALT LAKE CITY — Derrick Favors will be with the Utah Jazz until at least the end of the 2017-18 season.

Favors and the Jazz have reached an agreement on a four-year contract extension, a source confirmed to the Deseret News.

The new contract for the 6-foot-10 big man is reportedly for $49 million, according to Yahoo Sports, which first reported the story Friday night.

The Jazz and Gordon Hayward continue to negotiate on a possible contract extension for the small forward, but nothing has been worked out yet. The two sides have until Oct. 31 to reach a deal or Hayward will become a restricted free agent next offseason.

Both Hayward and Favors are entering their fourth seasons in the NBA. Favors, the No. 3 overall pick in 2010, is set to make about $6 million this year; Hayward, the ninth pick that summer, will make $3.4 million in the final season of his rookie deal.

Favors has been with the Jazz since being traded to Utah from the New Jersey Nets as part of the Deron Williams deal. In that swap, the Jazz received Favors, Devin Harris, two first-round picks and $3 million. Utah used one of the picks to draft Enes Kanter and then parlayed the other with its 2013 selection to deal for point gaurd Trey Burke.

The 22-year-old Favors has career averages of 8.3 points and 6.3 rebounds while mostly playing a reserve role behind former Jazz power forward Paul Millsap.

While participating at the Team USA minicamp this summer, Favors told the Deseret News about his high hopes for personal and team achievements.

“If I don’t get nothing else out of my career, I want to win a championship,” Favors said. “I’ve got goals of being an All-Star. At the end of my career, I want to give that speech — that Hall of Fame speech. That’s one of my biggest goals. But if I don’t get any of those, I at least want to win a championship.”

Favors made his intentions for a long-term relationship known loud and clear this summer when he bought a Salt Lake City home. The Atlanta native envisions the Beehive State being his home-away-from-home for years to come.

“I hope so,” Favors said. “I don’t want to move again.”

Jazz general manager Dennis Lindsey gave a "no comment" when asked about contract extensions for Favors and Hayward.

Jazz players Enes Kanter and Alec Burks, entering their third seasons, will be up for contract extensions beginning next offseason.

EMAIL: jody@desnews.com