Chauncey Billups' agent refuted media reports that his client had agreed to a contract that could be five years and worth $60 million.
"This is a vicious rumor," Andy Miller, Billups' agent, told The Detroit Free Press. "It's entirely untrue. We have not reached an agreement. I don't know what stage we're at. We're having ongoing discussions, and I don't believe that we're on the verge of signing an agreement anytime today by any stretch of the imagination."
The Associated Press and some Detroit-area media outlets had reported that Billups and the Pistons had agreed to a five-year contract. According to the Associated Press, its source, who requested anonymity because of league rules preventing contract announcements before July 11, said the deal is worth $46 million guaranteed over four years and the fifth year is a team option.
Billups had become an unrestricted free agent last month after opting out of the last year of a six-year contract.
Joe Dumars, the Pistons' president of basketball operations, said shortly after the team was eliminated from the conference finals by the Cleveland Cavaliers that his top priority was re-signing Billups.
The 6-foot-3, 202-pound All-Star said he would prefer to stay with Detroit and expected to be back if the team could match any other team's best offer.
Billups, 30, who played with the Celtics, Denver, Orlando and Minnesota in his first four seasons, was selected the NBA Finals MVP in 2004 when Detroit won the championship. He was an All-Star in each of the next two seasons.
He averaged 17 points and 7.2 assists in 70 games last season and 14.5 points and 5.3 assists over his nine-year career. But Billups struggled in the playoffs each of the past two seasons, and averaged 15.3 points, 3.5 assists and 3.8 turnovers in the Eastern finals against the Cavs.