The Associated Press also reports the five-year deal would be in the $125 million range.
Drummond, 22, led the NBA in rebounding last season with 14.8 boards per game. He averaged a career-high 16.2 points, in addition to 1.4 blocks per game and 1.5 steals per game. He was named an All-Star for the first time.
Detroit selected him with the ninth overall pick in the 2012 NBA Draft.