Jonas Valanciunas is staying in Memphis.
According to an ESPN report, the veteran center agreed to a three-year contract worth $45 million to return to the Grizzlies at the start of free agency Sunday.
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Valanciunas had previously declined a $17.6 million player option on his 2019-20 contract, which allowed him to become an unrestricted free agent and ultimately negotiate a new deal.
However, the average of $15 million per season for Valanciunas is $2.76 million less than he would have made in 2019-20 had he immediately opted in.
Valanciunas, 27, was drafted fifth overall by the Raptors in 2011 and remained in Toronto until he was traded to Memphis in February. He immediately found his groove with the Grizzlies, averaging 19.9 points and 10.7 rebounds in 19 games.
He has averaged 11.8 points and 8.4 rebounds per game over his career.