Bonuses can push the deal to $70 million, Paul added.
Both parties had until 6 p.m. ET on Monday to agree on a rookie extension.
Murray missed the entire 2018-19 campaign after tearing his ACL during a preseason game against the Houston Rockets.
However, the former first-round pick showed plenty of promise during his second NBA season, averaging 8.1 points and 5.7 boards and earning NBA All-Defensive second-team honors in 2017-18.
The 23-year-old is projected to begin the 2019-20 campaign as the Spurs' starting point guard. In his 48-game stint as a starter two seasons ago, Murray averaged 10.1 points and seven boards while posting a 1.8 assist-to-turnover ratio.
Murray is set to make $2.3 million this season, which is the final year of his rookie deal.