The Nets will reportedly have their best player back in uniform this season when they open their new arena in Brooklyn.
A person with knowledge of the decision says point guard Deron Williams accepted the team's five-year, $98 million offer.
The 28-year-old three-time All-Star tweeted that he made a tough decision and posted a picture of the team's new logo.
Williams, who will also be a member of the U.S. Men's Olympic basketball team, chose Brooklyn over his hometown team, the Dallas Mavericks.
He was traded to the Nets in 2011 by the Utah Jazz.