NBA: Ibaka inks contract extension with Thunder
The team did not release contract details but ESPN reported it was a four-year deal worth $48 million for the Spanish Olympian.
"We are very excited that Serge will continue as a core member of the Thunder for years to come," Presti said.
In three seasons with Oklahoma City, Ibaka has played in 221 games, 110 as a starter, and averaged 8.5 points, 6.9 rebounds and 2.43 blocked shots.
Ibaka led the NBA in blocks last season and was named to the All-Defensive First Team.
At the Olympics, the Democratic Republic of Congo native played for Spain and went against three of his teammates in the gold medal final against the United States -- Kevin Durant, Russell Westbrook and James Harden.
Ibaka, who was selected 24th in the 2008 NBA Draft, averaged 8.0 points, 4.4. rebounds and 1.25 blocks in 15.1 minutes a game at the Olympics.
Ibaka is currently hosting a youth basketball camp in the Democratic Republic of Congo and will take part in a Basketball Without Borders program in Johannesburg, South Africa, before returning to Oklahoma City.