The Los Angeles Lakers have confirmed that Kobe Bryant has signed a two-year contract extension.

While the financial terms of the deal have not been officially disclosed, it is reported that the deal is worth around £30m.

"This is a very happy day for Lakers fans and for the Lakers organization," general manager Mitch Kupchak said, according to ESPN.

"We've said all along that our priority and hope was to have Kobe finish his career as a Laker, and this should ensure that that happens."

The 35-year-old is currently recovering from a torn Achilles tendon but will now remain the NBA's highest paid player over the course of the extension.