Nick DePaula of ESPN reported the news. Westbrook was under contract with Jordan Brand until fall 2018 as part of the five-year agreement he signed in 2013.
No financial terms of the extension have been announced. A signature on-court shoe is among the biggest features of the new deal; a source told DePaula it is "unlike anything that Jordan Brand has done before." Westbrook is seen as perhaps the NBA's most fashion-forward player.
Jordan Brand has also agreed to contribute to Westbrook's "Why Not?" Foundation and added an "ambassador clause" to his deal, which would keep him with the company after his retirement.
Westbrook and Dirk Nowitzki are the only active NBA MVPs who do not currently have their own signature shoe line. DePaula described the situation as merely a timing mechanism, with Jordan Brand not wanting to unveil a new line before having Westbrook under contract long term.
Westbrook is coming off an MVP season so this is a bit of a missed opportunity from a sales standpoint. But with his free agency looming next summer, 2018 might be a massive year of change for Westbrook.