Sources: Charlotte Hornets finalizing multiyear contract extension with head coach James Borrego

The Charlotte Hornets are finalizing a multiyear contract extension for coach James Borrego, sources told ESPN.

Borrego had been entering the final season of his original four-year deal, and he gets rewarded now for the development and growth of a young roster that reached the league's play-in tournament last season.

Borrego, 43, has transitioned a veteran-laden roster to a talented young core that includes Rookie of the Year guard LaMelo Ball, Miles Bridges, P.J. Washington and veteran Gordon Hayward, who had a strong, but injury-shortened season. The Hornets added UConn's James Bouknight with the 11th pick in the draft, and guard-forward Kelly Oubre Jr. in free agency.

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One of the Borrego's best player projects, Devonte' Graham, was lost to New Orleans Pelicans in a sign-and-trade deal.

Borrego is 95-124 in his first three seasons, including 33-39 and a 10-seed in the Eastern Conference last season. Charlotte lost to Indiana Pacers in its play-in tournament game. Charlotte had been as a high a 4-seed in the Eastern Conference before key players, Ball, Hayward and Bridges, were lost to injuries for extended periods of time.