Mitchell has agreed to a five-year extension with the Jazz worth a guaranteed $163 million, per ESPN's Adrian Wojnarowski. The deal could reach up to $195 million.
The 24-year-old has impressed since debuting in 2017-18, averaging 22.7 points per game over his first three seasons. He earned the first all-star nod of his young career last year, averaging 24.0 points, 4.4 rebounds and 4.3 assists.
Mitchell was dominant during Utah's opening-round playoff loss to the Denver Nuggets in the Disney bubble this summer. He took his play to another level, scoring better than 36 points per contest in the seven-game set.
The Louisville product was drafted 13th overall by the Nuggets in 2017 before being dealt to the Jazz.