(Photo credit: Kirby Lee-Imagn Images)

ESPN announced the multi-year deal signed by Stephen A. Smith on Friday, while the commentator's agent downplayed speculation that his client may run for president.

'Stephen A. works incredibly hard to elevate the sports conversation day-in and day-out and we are grateful he will remain at ESPN,' ESPN chairman Jimmy Pitaro said. 'He is a difference maker, and fans are captivated by his deep sports knowledge, strong opinions and unmistakable flair.'

The Athletic first reported on Thursday that the commentator and producer's new five-year deal is worth at least $100 million, and that it will free Smith to dedicate more time to talking about politics.

Smith's agent, Endeavor president and COO Mark Shapiro, said at the MIT Sloan Sports Analytics Conference on Friday that the 57-year-old is 'not going to run for president,' according to Sportico.

There has been recent speculation that Smith may be considering a presidential campaign for 2028, but he downplayed that possibility earlier this week.

'Even though there's a lot of qualified Democrats all over the country from a local perspective -- governors, mayors, stuff like that -- there's no real national voice,' he said on 'The Tonight Show Starring Jimmy Fallon.'

'They've come to me ... and so, I mean, I did not ask for this. I don't want this. I happen to have a very, very, very good life, very good job. I'm good, very good.'

A January poll by Political Polls found Smith had the potential backing of 2 percent of Democrats. That put him seventh and well behind the leaders Kamala Harris (33 percent), Pete Buttigieg (9 percent) and Gavin Newsom (7 percent).

For now, Smith will stick to discussing politics while re-upping his commitment to ESPN, which he first joined in 2003. Including his featured role on the network's morning debate show 'First Take,' Smith has contributed to numerous studio and radio programming at the network. Front Office Sports reported that Smith will also have an opportunity to contribute to 'Monday Night Football' broadcasts.

'I'm happy and honored to remain a member of the Disney/ESPN family for, at least, the next five years,' Smith said in a statement. 'There's only bigger and bigger things ahead. It starts with continuing to put in that work. See y'all soon.'

Smith, whose previous contract earned him $12 million per year, according to The Athletic, figures to appear less frequently on ESPN's NBA pregame and postgame programming. Beginning in 2025-26, ESPN will air 'Inside the NBA' with Charles Barkley, Shaquille O'Neal and Kenny Smith thanks to a licensing agreement with TNT, which lost its NBA TV package in the latest negotiations.

--Field Level Media