Adrian Wojnarowski of Yahoo Sports reports that it is a straight five-year deal with no options.
Earlier Wednesday, Wojnarowski reported that Bledsoe and his agent, Rich Paul, traveled to Phoenix to meet with Suns officials. It was believed to be the first time Bledsoe had been in Phoenix since April.
The Suns had reportedly previosuly offered Bledsoe a contract worth $48 million over four years. Bledsoe and his representatives had reportedly been seeking a maximum contract offer.
The relationship between the two sides had reportedly deteriorated prior to Wednesday's meeting.Minnesota was reportedly interested in arranging a sign-and-trade deal for Bledsoe, but discussions never gained momentum.
Bledsoe, 24, averaged 17.1 points, 4.7 rebounds and 5.5 assists last season, the final year of a four-year, rookie-scale contract worth $7.4 million. The 2010 first-round pick missed 33 games after undergoing knee surgery in January to repair torn cartilage in his right knee.
The Suns were 19-11 at the time of Bledsoe's injury but finished the season with a 48-34 record, missing the playoffs.
- Chris Johnson and Molly Geary