The (Memphis) Commercial Appeal said Gay confirmed the verbal agreement late Thursday. The newspaper said the contract was estimated at $82 million.
Gay was the first major name in the NBA free agent market to come to an agreement on a new contract. He had been scheduled to pay a call on the Minnesota Timberwolves Thursday.
Gay is a four-year veteran who averaged nearly 20 points and six rebounds per game last season. Signing him will keep the team’s starting five intact, although the loss of swingman Ronnie Brewer may require some shoring up of the bench.