The Philadelphia 76ers and swingman Robert Covington are reportedly nearing an agreement on a four-year, $62 million contract extension that will keep one of the league's rising perimeter threats in the City of Brotherly Love through the 2021-22 season, according to ESPN.com's Adrian Wojnarowski.

The deal, which includes a "$15 million renegotiation bump on Covington's $1.57 million salary this season," is expected to be completed by week's end. 

Shams Charania of The Vertical confirmed the news and added the renegotiated contract should be signed Friday, much to the delight of point guard Ben Simmons: 

@Holla_At_Rob33 well deserved my brother. pic.twitter.com/32YR6QHq0h

— Ben Simmons (@BenSimmons25) November 16, 2017

One of the true developmental successes of the Sixers' rebuild, Covington has gradually built himself into a bona fide three-and-D threat over the past three seasons and change. 

A year ago, the 26-year-old averaged 12.9 points and 1.9 steals per game while shooting 33.3 percent on shots beyond the arc. Despite those hiccups from distance, defense remained a calling card for Covington—who finished the year ranked first among all players with 4.2 deflections per game, according to NBA.com's player tracking data. 

Now 13 games into his fourth season with the Sixers, Covington is starting to look like a foundational piece of the team's long-term core alongside Ben Simmons, Joel Embiid and 2017 No. 1 overall pick Markelle Fultz. 

To date, Covington is averaging a career-high 16.8 points per game and has splashed a whopping 50 percent of his threes—a mark that ranks fifth among all qualified shooters. 

Covington has also continued to serve as the Sixers' defensive anchor on the wing. 

During Philadelphia's 7-6 start to the season, Covington has disrupted passing lanes by piling up a fifth-ranked 3.5 deflections and 1.6 steals per game. 

Furthermore, the Sixers have surrendered 101.4 points per 100 possessions with Covington on the floor compared to a mark of 107.3 when he's been on the bench. 

"I've always been overlooked when I step on the court," Covington said, according to the Philadelphia Inquirer's Keith Pompey. "I've always had a chip on my shoulder, because I've been overlooked in my career. That’s what I'm used to, and everything happens for a reason."

With a new contract that properly reflects his value, Covington shouldn't be overlooked much longer as the Sixers look to ramp up their pursuit of the franchise's first playoff berth since 2012. 

Stats courtesy of NBA.com unless noted otherwise.