The source, speaking on condition of anonymity, said the 76ers will announce the deal at a special event for season ticket-holders Wednesday night at the Wachovia Center. The contract extension was first reported on the Philadelphia Inquirer's Web site.
Iverson has one year plus an option remaining on his current deal, which will pay him more than $28 million over the next two years. The extension begins in 2005-06.
Iverson averaged 27.6 points last season, helping Philadelphia finish 48-34 and advance to the second round of the playoffs. He was the NBA's MVP in 2000-01, when he led the 76ers to the Eastern Conference championship for the first time since 1983.
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