After helping the Suns to a franchise record 64 wins last season, they have rewarded their star shooting guard with a Supermax contract.
It was revealed on Thursday that the Suns had agreed to a four-year deal that would see Booker earn $224million.
The extension will start from the 2024/25 season and run through until the 2027/28 campaign.
A three-time All-Star coming off his first All-NBA campaign - Booker earned First Team honours after averaging 26.8 points, 5.0 rebounds and 4.8 assists while shooting 46.6%.
As a result of his superb stats, Booker finished fourth in voting for NBA MVP after leading the league in points per touch and shooting 56.9% from the field in clutch time.
Following the announcement, Suns owner Robert Sarver piled the praise on Booker for his impact in Phoenix.
"Devin has had a truly special impact on our organization, our fanbase and the Valley community since he first arrived in Phoenix," said Sarver.
"We are grateful for all his contributions and we are thrilled to ensure that he will remain in a Phoenix Suns uniform into the future."
Suns GM James Jones echoed the high praise: "Devin, with his work ethic and commitment to excellence, has established himself as one of the league's best players, elevating himself and our organization.
"We are beyond excited to extend the mutual commitment between Book, the Suns and the Phoenix community. He is just getting started," added Jones.
Booker added, "Phoenix, Thank you for allowing me to grow. The love from this city has been there from the beginning. I'm honored and humbled to call this place home."