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All-star point guard Chris Paul, who guided the Phoenix Suns to their first NBA Finals since 1993, has agreed to a new four-year deal with Phoenix worth up to $120 million, US media reported Monday.
The 36-year-old Paul opted out of his contract by declining a $44.2 million player option for next season, becoming an unrestricted free agent.
Contract agreements with free agents cannot become official until the start of the new NBA year on Friday.
Paul played through a string of injuries throughout the 2021 playoffs but was able to lead the Suns into finals, where they lost in six games to the Milwaukee Bucks.
Paul underwent wrist surgery but is expected to be back in time for the beginning of the 2021-22 NBA season, American broadcaster ESPN reported.
In his 16th NBA season, Paul averaged 16.4 points, 8.9 assists and 4.5 rebounds a game with the Suns. In 20 playoff games, he averaged 19.2 points, 8.6 assists and 3.5 rebounds.
In other reported free agent moves Monday, Kyle Lowry, who spend nine years with the Toronto Raptors, is headed to the Miami Heat in a sign and trade deal.
The 35-year-old Lowry won an NBA title with Toronto in 2019.
Lowry posted on Twitter: "MIAMI HEAT X KYLE LOWRY ... LET'S GOO!!"
The Heat also agreed to bring back restricted free agent Duncan Robinson on a five-year, $90 million deal, his agent, Jason Glushon, told ESPN.