Lillard earned the opportunity for a super-max extension after making the All-NBA second team this past season.
He still has two years remaining on his deal worth $61.4 million. The star point guard is set to make just shy of $258 million combined over the next six seasons.
Lillard has become the face of the organization, leading the Trail Blazers to their first Western Conference finals appearance since 2000.
The 28-year-old averaged 25.8 points and 6.9 assists in 80 appearances.