Source: Batum, Hornets agree to 5-year deal

4:16 AM ET

Forward Nicolas Batum has agreed to a five-year, $120 million deal to re-sign with the Charlotte Hornets, according to a league source.

The Vertical first reported the agreement.

Batum had scheduled a Friday meeting with the Dallas Mavericks but struck a deal hours into free agency to stay in Charlotte.

The Hornets were always widely considered the front-runners for Batum because they owned his Bird rights, allowing Charlotte to offer a fifth year on the contract. The fifth season of the contract is a player option, the source said.

Verbal commitments are non-binding. Free agents can officially sign contracts on July 7.

The versatile Batum, 27, was traded to Charlotte last offseason after spending his first seven seasons with the Portland Trail Blazers. He averaged 14.9 points, 6.1 rebounds and 5.8 assists to help the Hornets go 48-34 and qualify for the playoffs, a 15-win improvement from the previous season.

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