Veteran All-Star power forward Tim Duncan has agreed to return for his 18th season with the San Antonio Spurs. Duncan exercised a player option in the final year of his contract that will pay him $10.3 million during the 2014-2015 season.

Yahoo Sports, which was informed of the agreement by NBA sources, first reported the news.

Duncan, 38, won his fifth NBA championship with San Antonio this year. The Spurs beat the defending-champion Miami Heat in five games.

The 6-foot-11, 250-pound Duncan averaged 16.3 points and 9.2 rebounds during this year's postseason. He averaged 15.1 points and 9.7 rebounds in the regular season.

Duncan has appeared in 14 NBA All-Star Games, he's won two regular-season MVP awards and three Finals MVP trophies. He is arguably the best power forward in league history.