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In June, Pau Gasol opted out of the final year of his contract with the Spurs, but he never really wanted to leave the team. Reports said that Gasol decided to turn down the $16.2 million in order to negotiate a longer term deal with San Antonio.

On Friday, according to ESPN's Adrian Wojnarowski, Gasol and the Spurs agreed to a three-year deal.

On Monday, Wojnarowski added that the deal will reportedly be for $48 million, with a partial guarantee in the third year.

Once an offensive wonder, the 37-year-old Gasol has become more proficient on defense and has increased his rebounding in the latter portion of his career. With the Spurs last season, Gasol extended his range and made 56 of 104 3-pointers (54 percent), more than doubling his previous highs for makes.

Gasol's minutes decreased significantly in his first year in San Antonio last season (from about 32 to 25), and it will likely be the same story this season as the Spurs attempt to keep him healthy for the duration of his contract. Pau will be reunited with Manu Ginobili, who recently shirked retirement to re-up with the Spurs for his 16th season.