According to the report, the fourth year of the deal is a player option.
Joseph, 23, spent the last four years with the San Antonio Spurs, after the team selected him in the first round of the 2011 NBA draft.
San Antonio pulled a qualifying offer made to Joseph, allowing him to become an unrestricted free agent.
Joseph, who was born in Toronto and attended the University of Texas, spent his time primarily as a backup to starter Tony Parker. He averaged 6.8 points, 2.4. assists and 2.4 rebounds in 78 regular season games last season with San Antonio, while hitting 50% from the field and 36% from three-point range.
- Scooby Axson