Chris Paul is returning to Phoenix on a four-year deal worth up to $120 million, per ESPN's Adrian Wojnarowski.
Paul, 36, declined his $44.2 million player option for the 2021–22 season to enter free agency and get the new deal.
The 11-time All-Star is coming off his first NBA Finals appearance where the Suns fell to the Bucks in six games. Immediately after the season ended, Paul dismissed any notion that he was retiring and assured everyone that he would be back for his 17th NBA season.
"I ain't retiring, back to work," he said after the Finals.
Paul averaged 16.4 points and 8.9 assists per game last season while shooting a career-high free throw percentage at just over 93%. He was named to his fifth All-NBA Second Team.
More NBA Coverage: