The Wizards announced Thursday that they matched the offer sheet to the 24-year-old forward. Porter agreed on a reported four-year, $106 million deal with the Brooklyn Nets while he was a restricted free agent and Washington matched the offer to retain his services.
Porter established career bests last season by averaging 13.4 points and 6.4 rebounds and shooting 43.4 percent from 3-point range.
"Otto has developed into a vital part of our young core, which is why we made it clear that our priority was to keep him here to maintain continuity and build on the success of this group heading into next season and beyond," team president Ernie Grunfeld said in a statement. "His versatility, basketball IQ and 3-point shooting combine to make him a great fit for us on the floor while his character and work in the community show why we're so pleased to have him as a cornerstone of our franchise."
Porter, the third overall pick in the 2013 draft, finished fourth in the league's most improved player balloting last season. His increase in productivity has made him a solid third scoring option to go with star guards John Wall and Bradley Beal.
Porter said he is happy to be sticking with the Wizards.
"After two years at Georgetown and four years with the Wizards here in Washington, D.C., I'm excited to be staying home," Porter said in the team's news release. "I want our great fans to know that I will continue to work hard to improve my game in all areas and I hope to make an even bigger contribution to the Wizards' success in the future."
Porter has career averages of 9.3 points and 4.4 rebounds in 266 NBA games.