UPDATE (July 3, 10:14 a.m. EST): Nene has agreed to a three-year, $11 million deal with the Rockets after initially agreeing to a four-year deal worth $15 million.

His first contract was reportedly voided due to the new over-38 rule.

ORIGINAL STORY: Rockets’ big man Nene is re-signing on a 4-year, $15 million deal, according to Jonathan Feigen of the Houston Chronicle:

UPDATE:

Nene, unhappy with a pay decrease has reentered free agency.

UPDATE:

ESPN is now reporting that it was the Rockets, not Nene, that pulled back on their originally agreed-to deal. Here’s more straight from a new ESPN article:

Nene and the Rockets agreed to terms on a four-year, $15 million deal with the Rockets on Friday. Houston, however, was not permitted to offer a four-year contract because of the Over 38 rule.

 

The fourth season of the initially proposed contract would have been during Nene’s 38th birthday. The Rockets have countered with a three-year, $10 million offer to Nene that he has not accepted, a source said.

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