MILWAUKEE -- Milwaukee Bucks center Andrew Bogut will sign a five-year, $72.5 million contract extension later this week, his agent said Wednesday.

Bogut, the top overall pick in the 2005 draft, is expected to sign the extension Friday, agent David Bauman said.

"He's thrilled," Bauman said. "He feels like Milwaukee really stepped up and demonstrated to him he's a valued member of this team."

Bucks spokesman Dan Smyczek also confirmed that there was an agreement on a deal.

The extension does not affect the nearly $7 million Bogut is owed for the coming season, the final year of his rookie contract. Bogut played in 78 games last season, averaging 14.3 points and 9.8 rebounds per game.

He is expected to begin practicing with the Australia Olympic team on Tuesday. Bauman said Bogut hoped to get an extension completed before then, but he wasn't using that date as a deadline to force a deal.

The Bucks also signed second-round pick Luc Richard Mbah a Moute, a 6-8 forward out of UCLA, to a multiyear deal. He will play on the Bucks' summer league team that opens play in Las Vegas on Saturday.