According to a source close to Rajon Rondo, the Celtics guard has agreed to a five-year, $55 million contract extension with the Celtics, ending a summer-long saga that appeared to agitate both sides until the end.

Rondo, 23, has led the Celtics to one NBA title in his three seasons and is considered one of the NBA's best young point guards. Rondo was eligible for a three-to-five-year contract extension, with a Nov. 2 deadline. If the two sides were unable to agree, the guard would have been a restricted free agent after this season.

The deal gives the Celtics a talented point guard for the next five years. Rondo will be paid a step below the league's top point guards -- Deron Williams ($17.5) and Chris Paul ($17 million) are the highest paid, but Rondo exceeds veteran Steve Nash ($10 million).

In 239 games, Rondo has averaged 9.6 points and 5.8 assists and 4.4 rebounds. He is averging 6.5 points and 11.8 assists through four games this season.

The story was first reported by Yahoo! Sports.