The deal is expected to be signed early next week.
Davis tried to get several teams to offer him the mid-level exception, but a depressed financial market made it hard for that to happen. A handful of teams – including Detroit, New Orleans and New Jersey – discussed sign-and-trade scenarios with the Celtics, but Boston general manager Danny Ainge never wanted to lose him.
Davis will return to a frontcourt that now includes Rasheed Wallace(notes) and Shelden Williams(notes). Davis had a markedly improved season and a good run into the playoffs while replacing injured forward Kevin Garnett(notes). The Celtics are still working to complete a sign-and-trade deal for Indiana guard Marquis Daniels(notes). If not, Boston will sign Daniels to the $1.9 million biannual exception. Boston no longer has interest in re-signing guard Stephon Marbury(notes).
Davis, 23, averaged seven points a game last season and 15.8 points in the first two rounds of the playoffs. He was a second-round pick in 2007 out of LSU.