JULY 25th, 2:03pm: The Magic confirmed the signing via press release.

JULY 16th, 8:30pm: The deal will be for one year at the veteran's minimum and is fully guaranteed, tweets Alex Kennedy of HoopsWorld.

4:00pm: Price will receive the veteran's minimum, according to Haynes (via Twitter). It's not clear yet whether the contract will be for one year or multiple seasons.

1:41pm: Ronnie Price and the Magic have reached an agreement on a contract, reports Chris Haynes of CSNNW.com (via Twitter). Price is represented by Excel Sports, as our agency database shows.

Last week, a report surfaced suggesting that the Magic were in the market for depth at point guard and center. While Victor Oladipo and E'Twaun Moore could see some time at the point behind Jameer Nelson, Price is a more traditional fit at the position.

Price, 30, signed a one-year deal with the Trail Blazers last summer, but only appeared in 39 games with the team, averaging 2.7 PPG and 1.9 APG. The eight-year veteran was released by Portland at the trade deadline when the team acquired Eric Maynor to replace him as Damian Lillard's primary backup.

The terms of Price's agreement aren't yet known, but he signed for the veteran's minimum last year, and didn't exactly show he deserved more than that, so I'd expect another minimum-salary deal this time around.