While the terms of the deal were not disclosed in the official release, the extension is expected to be for three more years.
Filing shortly to ESPN: The Portland TrailBlazers are finalizing a 3-year extension for General Manager Neil Olshey.— Kevin Arnovitz (@kevinarnovitz) January 8, 2015
"This extension is a validation of the efforts of the entire Trail Blazers front office and an endorsement of the level of commitment expected of us by our owner Paul Allen," said Olshey in the release.
Olshey became the 10th General Manager in team history in 2012.
"Our team has made great strides under Neil’s leadership, and I am excited to extend his contract," said Trail Blazers owner Paul Allen in the release.