Milwaukee Bucks superstar Giannis Antetokounmpo has signed a five-year, US$228 million supermax contract to remain in Wisconsin, per ESPN.

The reigning two-time MVP and 2019/20 Defensive Player of the Year will have the option to opt out of his contract after four seasons and has put any rumours of exercising his free agency rights to bed.

Following the confirmation of the deal, Giannis said he owed the Bucks and that the announcement was "unreal".

"This is a big moment for me and my family and I want to thank the Bucks organization for believing in us," Antetokounmpo said in a statement.

"You took a chance on us eight years ago and now putting my signature on a contract like this is unreal."

After another dominant season individually, Antetokounmpo will be hoping to take his team to the promise land after a disappointing exit in the playoffs.

The Bucks fell to the Heat in the Eastern Conference semi-finals after registering the best record in the league.