Paul George has moved a step closer to signing a new deal with the Indiana Pacers, according to a report.

The 23-year-old revealed last week that he would extend his contract before the beginning of the new season, and Yahoo Sports have claimed that the deal could be worth £56m.

George averaged 19.2 points per game last season as the Pacers made it to the Eastern Conference Finals, where they lost to eventual champions Miami Heat.

The offer from Indiana will reportedly keep George at the franchise for five more years.

George was selected 12th in the 2010 Draft by the Pacers.