Agent Rick Kaplan just confirms: Marcus Camby has signed two-year contract extension with Blazers.

Blazers general manager Kevin Pritchard also confirms Camby signing

Kaplan says its two years, $21 million guaranteed and $5 million in incentives

Also, from John Hollinger:

Because the league said it expects a higher than expected cap number — and in turn a higher than expected luxury tax line — it should enable the Blazers to add Camby at roughly $10 million a year without going over the tax threshold. That didn’t seem to be the case a few days earlier.

Just filed to ESPN.com: Blazers and Marcus Camby in talks on contract extension. POR hopes to lock up Camby before free agency.

As we’ve been over before, this is a necessity for Portland. The earlier they can get Camby locked up, the better. We’ll update as soon as a link is available.

Sidenote: It’s worth wondering who is leading the extension talks on Portland’s side of things. If the front office is in as much doubt and turmoil as we’ve been led to believe, it would seem less likely that they would get their acts together during the playoffs to sign Camby. This could be a good sign for Kevin Pritchard supporters.

UPDATE: Here’s the full story from Stein.

Sources said Monday that the two sides had already been negotiating toward a new deal that would keep Camby off the free-agent market this summer.

One source said a deal, if completed, would likely span two years in excess of $20 million.

At that price, the Blazers would indeed be giving Camby a slight raise from his $9 million-a-year contract that expires this summer. This is inconsequential, and we predicted that a raise would be expected at the price of a shorter contract, and perfectly fine.

And from Kerry Eggers:

Blazers expected to announce contract extension today with Marcus Camby.

UPDATE, 1:42 PM: Jason Quick has the most exact figures we’ve seen.

The deal is for two years and $21 million guaranteed. There is an additional $4 million of “unlikely bonuses” or incentives attached.

Yup, still not seeing any downside whatsoever.

In town in advance of their Tuesday game against the Trail Blazers, the Clippers were having a team dinner at Portland’s Ringside steakhouse Monday night when Camby received a call on his cell phone from Blazers general manager Kevin Pritchard. Pritchard informed Camby that he will likely be traded to Portland once the league finalizes the deal on Tuesday.

After taking the call, Camby immediately walked out of the restaurant. A source close to him says he is “very upset” about the trade. He had hoped to re-sign with the Clippers this summer.

Just to use another Jersey Shore reference…looks like we got a situation. Did Hedo text him or something? Now the whole deal takes on a different spin. I mean I loved the deal because I thought Camby would want to leave the Clippers and get to a contender, but it looks like that may not be so. Reason why I didn’t want Tyrus Thomas? Attitude. Not sure I want Camby’s attitude either. As the world turns..