EL SEGUNDO (CBSLA.com) — The Black Mamba is staying in the Los Angeles Lakers’ purple and gold.

The Lakers signed guard Kobe Bryant to a two-year contract extension, General Manager Mitch Kupchak announced Monday.

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While terms of the contract were not released per team policy, CBS Sports cited a report from ESPN stating the deal is for more than $48 million, with $23.5 in 2014-2015 and $25 million in 2015-2016.

“This is a very happy day for Lakers fans and for the Lakers organization,” Kupchak said. “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.”

If he remains with the Lakers for the duration of the deal, Bryant would become the first player in NBA history to play an entire 20-year career with the same team, according to Kupchak.

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Following the announcement, Bryant posted an image of the signed contract with the hash tag “#Laker4Life” on Twitter.

Bryant, a five-time NBA champion, has earned numerous accolades over the span of his 17-year career, including being selected as the NBA MVP in 2007-08 and winning the NBA Finals MVP award in 2008-09 and 2009-10.

The 15-time NBA All-Star also led the United States to gold medals in the 2008 Beijing Olympics and 2012 London Olympics. Bryant has earned All-NBA honors in each of the last 15 seasons and has been named to the NBA’s All-Defensive Team 12 times.

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He underwent surgery in April to repair his left Achilles tendon after suffering a season-ending injury during a victory against the Golden State Warriors.