The incoming Los Angeles Lakers head coach Luke Walton is set to cash in on a big payday after reaching a considerable five-year deal with a ballpark value of about US$25 million, the team announced on Friday.

According to ESPN, NBA coaching sources have disclosed that the 36-year-old Southern California native landed a prodigious five-year contract in which the four years of the entire duration of the agreement are guaranteed. Walton's yearly wage is believed to be between US$5 million and US$6 million, depending on incentives.

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Walton, who is currently in his second season as an Assistant Coach with the Warriors, will remain as the assistant to Steve Kerr for the remainder of the club's playoff run.

Walton's name became a hot commodity in the market after he became the interim coach of the Golden State Warriors during head coach Steve Kerr's absence due to complications from a back surgery.

Walton guided the Warriors to an impressive 24-0 start this season, the best start of a season in the history of the NBA. The team registered an outstanding record of 39 wins and 4 losses during his reign as the Warriors' acting head coach.

Although he was not technically credited for the marvelous job he has done for the Warriors, Walton was still named NBA Western Conference Coach of the Month for the games played in October and November last year. He finished eighth in the recently concluded coach of the year balloting.

Walton played for the Lakers from 2003-2012, spending nine seasons for the Western Conference Pacific Division team. He won two NBA crowns with the team under Phil Jackson. Walton will become the 26^th head coach of the Lakers.

TagsGolden State Warriors, Los Angeles Lakers, Luke Walton, Steve Kerr, NBA 2016