Philadelphia 76ers forward Robert Covington plans to sign a four-year, $62 million contract renegotiation and extension on Friday, league sources told The Vertical.

The 76ers will utilize their remaining cap space of over $15 million to sign Covington to a contract that begins this season — with three additional years, league sources said. Covington signed a non-guaranteed four-year contract with Philadelphia on Nov. 15, 2014, and is eligible to formally sign a new extension on the third anniversary of the deal Wednesday.

Covington has established himself as a high-level 3-point shooter and wing defender for the 76ers, who for months had prioritized extending the 26-year-old. For a Philadelphia team contending for a postseason berth, Covington is part of a versatile and productive young core that includes Joel Embiid and Ben Simmons.

In 13 games this season, Covington has averaged 16.8 points, 5.7 rebounds and 1.5 steals while shooting 50 percent from 3-point range on more than seven attempts per game. He scored 31 points in the 76ers’ road win over the Los Angeles Clippers on Monday, their sixth victory in eight games. 76ers coach Brett Brown has consistently raved about Covington’s improvement over the past several seasons.

Covington went undrafted in 2013 out of Tennessee State, landing a free-agent deal with the Houston Rockets. He spent the 2013-14 season with the Rockets, shuttling between the team and its development-league roster before being waived in 2014 and joining Philadelphia.