Iman Shumpert signed a four-year, $40 million contract Wednesday night that will keep him with the Cleveland Cavaliers, according to a report from Basketball Insiders' Alex Kennedy that was confirmed by Yahoo! Sports' Adrian Wojnarowski.
The deal has a player option for the fourth season, Wojnarowski reported.
The signing seemed to fly in the face of reports just hours earlier that Shumpert and the Cavaliers were some distance apart in contract negotiations, and that Shumpert would start meeting with other teams.
Shumpert was traded from the Knicks to the Cavaliers during the middle of the 2014–15 season. In 38 games with Cleveland he averaged 7.2 points and 3.8 rebounds.
The move capped a busy 20-hour period for Cleveland that also saw the return of forward Kevin Love to the team as part of a five-year, $110 million deal.
The Cavaliers also were nearing a deal as of Wednesday afternoon with forward Tristian Thompson reportedly in the range of $80 million, according to ESPN's Marc Stein and Brian Windhorst.
Love's decision to return to the team comes less than three days after he attended a pool party hosted by teammate LeBron James.
James opted out of his contract with Cleveland earlier this week according to reports, but is expected to rejoin the team.