West's contract was reportedly set to expire this summer, Charania reports.
The 80-year-old NBA legend has twice been named the league's Executive of the Year, first in 1994-95 as general manager of the Los Angeles Lakers and then in 2003-04 while holding the same title with the Memphis Grizzlies.
In recent years, West has taken a more behind-the-scenes approach, serving as an executive board member and adviser to the Golden State Warriors' owners from 2011 to 2017 before assuming a similar role with the Clippers since 2017.
General manager Michael Winger and assistant general manager Trent Redden are also set to return to the Clippers, according to Brian Windhorst and Adrian Wojnarowski of ESPN. Along with team president Lawrence Frank and head coach Doc Rivers, the Clippers will return most of the franchise's brain trust as they look to improve on this season's 48-34 record.