"I'm very thankful to [Jazz General Manager] Kevin O'Connor for making the commitment to Jeremy," agent Mark Bartelstein told The Tribune. "It's another huge step in his career, and hopefully this young man will just continue to grow and become a bigger and bigger part of the Jazz."
The deal will become official July 11, once the NBA's free agency moratorium period ends.
The 6-foot-9, 194-pound Evans was originally selected by Utah with the No. 55 overall pick in the 2010 NBA Draft.
Evans, 24, has averaged 3.1 points and 1.9 rebounds in two seasons (78 games). The Western Kentucky product has shot 65.6 percent from the field and won the 2012 NBA All-Star slam dunk title.
Including planned signings (Kevin Murphy, Evans) and expected trades (Mo Williams, Marvin Williams), Utah's roster stands at 14 entering Summer League.