Collins made public his sexuality in May in a Sports Illustrated article.
The Nets traded for Kevin Garnett, Paul Pierce and Jason Terry during last night's draft and Collins would bring another veteran presence to the team.
Collins was the 18th overall pick in the 2001 NBA draft and was part of two NBA Finals appearances for the Nets. He was traded to the Memphis Grizzlies in 2008 and played with the Washington Wizards last season.
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Collins, 34, has close relationships with new Nets coach Jason Kidd and top assistant Lawrence Frank. They were together for seven successful seasons with the Nets when Frank was a coach, Kidd was the point guard and Collins provided a physical, defensive presence.
There's reason to believe that he'd have a strong comfort level returning to an organization that knows him well and values his tough, defensive-minded sensibilities.