The maximum extension is expected to be signed this week, according to the website.
George, the NBA's Most Improved Player in 2012-13, saw his scoring average rise to 19.2 points a game during the 2012-13 postseason, up from 17.4 in the regular season. He helped lead the Pacers to Game 7 of the Eastern Conference finals, where they lost to the eventual champion Miami Heat.
George told the Indianapolis Star last week that he would sign a long-term deal with the Pacers before the start of the season.
"There will be a deal signed and sealed on the table before the season," he told the newspaper. "We're on the same page."