What's buzzing:

Free-agent buzz: Felton to join Knicks

Yahoo Sports

Charlotte Bobcats free-agent point guard Raymond Felton(notes) has reached agreement with the New York Knicks on a multiyear contract, Felton's agent Tony Dutt told Yahoo! Sports.

The contract won't be longer than three years, though the two sides were still negotiating final details.

The Miami Heat also had been among Felton's suitors, but they are using their remaining salary-cap room to sign LeBron James(notes) and Mike Miller(notes).

Felton, 26, averaged 12.1 points and 5.6 assists in 80 games for the Bobcats last season.

– Marc J. Spears, 5:01 p.m. ET, July 7


Nets signing Petro

Seven-footer Johan Petro has reached agreement with the New Jersey Nets on a three-year, $10 million contract, league sources told Yahoo! Sports.

After two seasons with the Denver Nuggets, Petro, 24, will now play behind New Jersey's burgeoning young center Brook Lopez.

Petro averaged 3.4 points and 3.6 rebounds for Denver in 12 minutes a game last season. He was a first-round pick of the Sonics in 2005.

The Nets have signed free agent Travis Outlaw, and will sign Golden State's restricted free agent Anthony Morrow to an offer sheet on Monday after he takes a physical.

– Adrian Wojnarawoski, 10:45 a.m. ET, July 10


McGuire to Bobcats

Sacramento Kings free-agent forward Dominic McGuire(notes) has agreed to a one-year deal with the Charlotte Bobcats, a league source told Yahoo! Sports.

McGuire split last season with the Washington Wizards and Sacramento Kings.

– Marc J. Spears, 5:01 p.m. ET, July 7


Cook signing with Clippers

The Los Angeles Clippers have reached agreement with free-agent forward Brian Cook(notes) on a two-year contract worth about $2.5 million, league sources told Yahoo! Sports.

– Marc J. Spears, 4:36 p.m. ET, July 7


Thomas to sign five-year, $40 million contract with Bobcats

The Charlotte Bobcats have reached agreement with free-agent forward Tyrus Thomas(notes) on a five-year, $40 million contract, a league source told Y! Sports.

Thomas’ agent Brian Elfus had serious talks with the New Jersey Nets, but his client ultimately decided to return to the Bobcats with the $8 million-a-year offer. New Jersey feared Charlotte would’ve tied up the Nets in free agency for the seven-day period in which the Bobcats could match the offer sheet.

New Jersey will turn its attention to trying to sign Miami free-agent forward Udonis Haslem(notes), as well as look at trade possibilities.

Thomas, 23, played well during 25 games with Charlotte last season. He averaged 10 points and six rebounds with the Bobcats, who’ll play him into the starting power forward spot. At times, Thomas flourished under coach Larry Brown, and he was anxious to return and play for him.

Thomas was traded at the February deadline from the Chicago Bulls, where he had been the fourth overall pick in the 2006 draft.

– Adrian Wojnarowski, 3:41 p.m. ET, July 7


Warriors land Lee with six-year, $80 million contract

The New York Knicks have reached agreement on a sign-and-trade that will land David Lee(notes) a six-year, $80 million contract with the Golden State Warriors, league sources told Yahoo! Sports.

The Knicks will receive forwards Anthony Randolph(notes), Kelenna Azubuike(notes) and Ronny Turiaf(notes) in the deal.

The trade became possible after LeBron James chose not to sign with the Knicks. Had James committed to come to New York, the Knicks would have needed the salary-cap room to sign him.

The trade is expected to be completed on Friday.

The Warriors have needed a rebounder and Lee should be able to provide that help. He averaged 20.2 points and 11.7 rebounds last season.

Lee, 27, became expendable when the Knicks gave Amar'e Stoudemire(notes) a five-year, $100 million contract. Lee had also been in talks with the New Jersey Nets.

Randolph, 6-foot-11 and still just 20 years old, is considered a promising prospect provided he can stay healthy. He averaged 11.6 points and 6.5 rebounds in only 33 games last season before suffering a severely sprained ankle.

The Warriors' acquisition of Randolph come two weeks after the team traded Corey Maggette(notes) to the Milwaukee Bucks for center Dan Gadzuric(notes) and guard Charlie Bell(notes).

– Marc J. Spears, 10:50 p.m. ET, July 8


Clippers sign Gomes, Foye

Free-agent forward Ryan Gomes(notes) has agreed with the Los Angeles Clippers on a three-year, $12 million contract, his agent Bob Myers told Yahoo! Sports.

Gomes averaged 10.9 points a game for the Minnesota Timberwolves last season.

The Clippers also signed guard Randy Foye(notes) to a two-year, $8.5 million contract. Foye averaged 10.1 points in 70 games for the Washington Wizards last season.

– Adrian Wojnarowski and Marc J. Spears, 10:20 p.m. ET, July 8


Haywood gets $55 million contract from Mavs

The Dallas Mavericks have reached agreement on a six-year, $55 million contract to re-sign center Brendan Haywood(notes), a league source told Yahoo! Sports.

Haywood came to Dallas in the middle of last season in a trade that also delivered Caron Butler(notes) and DeShawn Stevenson(notes) to the Mavericks. Haywood averaged 8.1 points, 7.4 rebounds and two blocks during 28 games for the Mavericks.

With Erick Dampier’s(notes) contract not guaranteed for this season, Haywood figures to play an even more prominent role for the Mavericks.

Dallas was aggressive in re-signing Haywood by having coach Rick Carlisle meet with him in Charlotte, N.C., on the first day of free agency. Haywood, 30, was possibly the top center on the market and was also courted by the Miami Heat and Cleveland Cavaliers.

Prior to being traded to Dallas, Haywood spent his first 8½ seasons with the Washington Wizards.

– Marc J. Spears, 1:13 p.m. ET, July 8


Celtics sign O'Neal to two-year contract

Free-agent center Jermaine O'Neal(notes) has reached agreement to sign a two-year contract worth about $12 million with the Boston Celtics, league sources told Yahoo! Sports.

O'Neal had been deliberating between the Celtics and Denver Nuggets.

Boston needed a center to help fill in for Kendrick Perkins(notes), who is expected to be out five to six months with a severe knee injury. Rasheed Wallace(notes) also has indicated he plans to retire.

After falling one game short of winning their second NBA championship in three years, the Celtics have been active in free agency to solidify their roster for another run.

The Celtics reached agreement on a two-year, $20 million contract with Ray Allen(notes) on Wednesday, five days after giving Paul Pierce(notes) a four-year, $61 million extension. Coach Doc Rivers also announced last week he would return for another season.

O'Neal, 31, averaged 13.6 points and 6.9 rebounds for the Miami Heat last season.

– Adrian Wojnarowski, 12:54 p.m. ET, July 8


Howard looking for new contract

Washington Wizards free-agent forward Josh Howard(notes) is optimistic his knee injury won't keep him from landing a new contract soon.

Howard had surgery to repair a torn anterior cruciate ligament in his left knee in March and was projected to be out six to eight months. He suffered the injury in just his fourth game with the Washington Wizards after being traded by the Dallas Mavericks.

“The doctors say I’m ahead of schedule in my fourth month of rehab,” Howard told Yahoo! Sports. “I’m optimistic I’ll be ready by the start of the regular-season.”

Howard averaged 12.7 points and 3.6 rebounds in 35 games for Washington and Dallas last season. While Washington was the first team to express interest after free agency began, Howard said Miami, New York, Sacramento, Boston and the Los Angeles Clippers have also been in contact with his agent.

Howard hopes to sign with someone within the next two weeks.

“I’m going to be open-minded,” Howard said. “But I have some loyalty to Washington for getting me out of my situation with Dallas. I have interest in them. But I have to keep my options open.”

– Marc J. Spears, 12:14 p.m. ET, July 8


Nets to sign Outlaw to $35 million deal

The New Jersey Nets have reached agreement on a five-year, $35 million contract with forward Travis Outlaw(notes), Outlaw's agent told Yahoo! Sports.

The contract is fully guaranteed and doesn't contain a fourth-year opt-out. Outlaw is expected to sign next week.

Outlaw, 25, split last season between the Portland Trail Blazers and Los Angeles Clippers. He appeared in only 34 games total after breaking his left foot early in the season.

During his six-plus seasons with the Blazers, Outlaw became one of the team's best fourth-quarter scorers. He averaged 12.8 points and 4.1 rebounds in 81 games for Portland during the 2008-09 season.

– Marc J. Spears, 11:47 a.m. ET, July 8


Raptors sign Kleiza to offer sheet

The Toronto Raptors have signed Denver Nuggets restricted free-agent forward Linas Kleiza(notes) to a four-year, $20 million offer sheet, a league source tells Yahoo! Sports.

If the Nuggets don't match the deal over the next seven days, the Lithuanian – who played with them from 2005-09 – will be a Raptor. Kleiza played for Greece's Olympiacos last season and terminated his contract on Wednesday.

– Marc J. Spears, 9:25 a.m. ET, July 8


O'Neal eyes Celtics

Free-agent center Jermaine O’Neal(notes) is leaning toward signing a contract with the Boston Celtics, but still hasn’t reached a final decision, league sources told Yahoo! Sports.

O’Neal, 31, has narrowed his choices to the Celtics and Denver Nuggets, sources said. The Dallas Mavericks have been a strong consideration, too.

The Celtics and Nuggets are believed to have offered O’Neal near the midlevel exception of $5.8 million over two seasons, sources said.

O'Neal still had plans late Wednesday to talk with a couple of Celtics players about family issues, such as schools and areas to live.

Boston needs a center to help fill in for Kendrick Perkins(notes), who is expected to be out five to six months with a severe knee injury. Rasheed Wallace(notes) also has indicated he plans to retire. The Celtics also reached agreement on a two-year, $20 million contract with Ray Allen(notes) on Wednesday, five days after giving Paul Pierce(notes) a four-year, $61 million extension.

O’Neal could make his decision sometime Wednesday night or Thursday, sources said.

O’Neal averaged 13.6 points and 6.9 rebounds for the Heat last season.

– Adrian Wojnarowski, 9:40 p.m. ET, July 6


Nets assess options

After losing out on Carlos Boozer(notes) to the Chicago Bulls, the New Jersey Nets have targeted three players in discussions: Tyrus Thomas(notes), Travis Outlaw(notes) and Kyle Korver(notes), league sources told Yahoo! Sports.

The Nets have $30 million in cap space, but aren’t under great pressure to use it all. They’re holding out a faint hope for LeBron James(notes), but with no running mate in New Jersey, James is destined to sign with Cleveland, Miami or New York.

New Jersey made an offer for $75 million over five years for Boozer, but Boozer’s agent Rob Pelinka went back to the Bulls and received an $80 million deal.

The Nets have a strong interest in Knicks forward David Lee(notes), but they’re still waiting for the sign-and-trade market to shake down for him.

Thomas is a restricted free agent that the Nets have long been intrigued with, and a frontloaded offer sheet could put him out of reach of the Bobcats. The Nets could make offers quickly for Korver and Outlaw, who are unrestricted free agents, source say.

– Adrian Wojnarowski, 9:40 p.m. ET, July 6


Magic favorites to keep Redick

Restricted free-agent guard J.J. Redick(notes) is drawing interest from the New York Knicks and Chicago Bulls, but the Orlando Magic are still favored to keep him, league sources said.

The Magic would have seven days to match any offer sheet Redick signs with another team.

– Adrian Wojnarowski, 9:40 p.m. ET, July 6


Celtics to re-sign Allen

Ray Allen(notes) has reached agreement on a two-year, $20 million contract with the Boston Celtics, league sources told Yahoo! Sports.

Allen is scheduled to make $10 million in each season of the deal. The second year is at his option.

Allen's agreement comes five days after the Celtics agreed to give Paul Pierce(notes) a four-year, $61 million extension.

– Marc J. Spears, 9:29 p.m. ET, July 6


Boozer lands $80 million deal from Bulls

The Chicago Bulls have reached agreement with Carlos Boozer(notes) on a five-year contract worth $80 million, league sources told Yahoo! Sports.

The Bulls moved quickly to secure a commitment from Boozer after Dwyane Wade(notes) decided to re-sign with the Miami Heat and bring Chris Bosh(notes) with him.

Boozer joins a talented young core that includes point guard Derrick Rose(notes) and center Joakim Noah(notes). The Bulls also have enough salary-cap room left to sign another player to a maximum contract.

Boozer mentioned the Bulls last summer as a team in which he hoped to be traded. Three of his six seasons with the Utah Jazz were cut short by injuries, but he missed just four games last season while averaging 19.5 points and 11.2 rebounds.

– Adrian Wojnarowski, 4:55 p.m. ET, July 7


Wade, Bosh commit to Heat

Dwyane Wade(notes) and Chris Bosh(notes) have decided to sign with the Miami Heat while continuing to recruit LeBron James(notes) to help them form an All-Star triumvirate that threatens to shift the NBA’s balance of power, two sources with knowledge of the plans told Yahoo! Sports.

“They think they’ve got a real chance to pull this off with LeBron,” a league source said.

Said an official with one team that made a formal presentation to James: "It's down to Cleveland or Miami for him."

Still, other league executives weren't yet ready to rule out the Knicks.

The three players shared a call after midnight on Wednesday, when Wade and Bosh told James they were committing to the Heat, a source said. James didn’t commit with them, but kept his own plans private for a television announcement on Thursday night. Wade and Bosh formally announced their decision on Wednesday afternoon.

“I’m so glad it’s over,” Wade said in an interview with The Associated Press. “I had to do what was best for me. And I know I did that.”

Wade and Bosh decided they needed to make a commitment to give them the best possible chance of luring more talent – including James – with the additional salary-cap space in Miami.

Had James been able to convince Bosh to come to Cleveland in a sign-and-trade, sources said Wade had decided he would leave Miami for the Chicago Bulls.

Only now, the Heat need to dump more salary – namely, Michael Beasley(notes) – to get more space to sign James. If Wade takes a max deal, his salary will start at $16.5 million next season – which leaves just under $30 million under the cap for Bosh and James. The Heat would look to move Beasley’s $4.9 million to a team with cap space to create more room.

If James doesn’t come, the Heat are targeting free agent Mike Miller(notes) to take part of the third salary slot with Wade and Bosh. Wade has been personally pushing Miller to Heat president Pat Riley, sources said. Miller has Miami at the top of his list, sources close to him said. New York, Chicago and the Los Angeles Clippers are also among his most aggressive pursuers.

With Bosh and Wade committed, the Chicago Bulls moved quickly to reach agreement on a five-year, $80 million contract with Carlos Boozer(notes). The New Jersey Nets were also in talks with Boozer and may now try to sign David Lee.

ESPN first reported Wade and Bosh’s plans.

– Adrian Wojnarowski and Marc J. Spears, 9:10 a.m. ET, July 7

Sign up for Yahoo Fantasy Football