ESPN's Marc Stein reports that the Detroit Pistons and their perimeter defensive ace Tayshaun Prince have reached an agreement in principle on a five-year contract extension believed to be worth at least $47 million.

Pistons president Joe Dumars and Bill Duffy, the agent for Prince, told ESPN.com that the deal will be formally signed Monday, just in time to beat the Halloween deadline on extensions for players entering their fourth season. Without an extension before the Oct. 31 buzzer, Prince would have become a restricted free agent July 1.

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