With backup point guard Leandro Barbosa facing free agency in 2007, the Phoenix Suns signed Marcus Banks this offseason as insurance. It looks like they won't have to rely on the policy.

The East Valley Tribune -- citing NBA sources close to the negotiations -- reported Thursday that the Suns and Barbosa have agreed to a five-year, $32 million extension.

The 23-year-old will be in Phoenix Friday for a press conference announcing the deal and then will join the Brazilian national team, which is participating in the World Basketball Championships.

Last season, Barbosa averaged a career-high 13.1 points per game and shot 44 percent from the 3-point line, good for third in the league. He put up 14.2 points per game in the playoffs.

Guards to give Suns franchise player Steve Nash a breather are vital in Phoenix's high-octane offense. Barbosa may even move over to shooting guard on occasion, opening a spot on the floor for Banks to run the point for the second team.