Jason Terry and the Boston Celtics have have finalized an agreement on a three-year deal using the mid-level exception, according to a report from Marc Spears of Yahoo! Sports.
That would pay Terry approximately $15.7 million over the three years.
Free agents can't officially sign until July 11, but are free to make verbal commitments until then.
ESPN reports that Terry is likely to give the Dallas Mavericks a chance to match the contract. But even if they're given the opportunity to match it, the Mavericks are reportedly unlikely to do so because of their desire to maintain salary cap flexibility. They have been conscious of creating cap space and are still chasing free agent Deron Williams, along with a possible trade to bring in Dwight Howard of the Orlando Magic.
Terry, 34, averaged 15.1 points and 3.6 assists last season.