Dallas reportedly reached a buyout with Real Madrid on Saturday, clearing the way for Doncic to sign.
Terms of the deal were not announced, but the Fort Worth Star-Telegram reported that Doncic will make a bit more than $5.4 million in 2018-19. Last year's third overall pick, Boston Celtics forward Jayson Tatum, signed a four-year, $30 million deal with club options in the third and fourth seasons.
Doncic, 19, will not suit up for summer league play despite owner Mark Cuban previously mentioning the team hoped to get him some action in Las Vegas.
The Slovenian star just finished a lengthy season with Real Madrid, leading the club to the Liga ACB championship and EuroLeague title in the past few months. The latter competition ended less than a week before the NBA draft on June 21. Between all of his commitments to teams in Europe, Doncic has appeared in more than 150 games over the past two seasons.
The Mavericks acquired Doncic -- whom Cuban said was the top prospect on their board and "it wasn't even close" -- from the Atlanta Hawks for the rights to fifth overall pick Trae Young and a future first-round pick.
Doncic will wear No. 77 for the Mavericks, a number he has worn for the Slovenian national team while wearing No. 7 with Real Madrid.
--Field Level Media