1:14pm: The Wizards have officially signed Price, the team announced in a press release. The deal is for one year, according to Michael Lee of the Washington Post.

11:04am: Looking to land a point guard to back up John Wall, the Wizards have agreed to sign A.J. Price, reports Michael Lee of the Washington Post (via Twitter). Terms of the deal aren't yet known.

A former second-round pick, Price has spent the first three years of his career with the Pacers. The 25-year-old has averaged 6.0 points and 2.0 assists in 14.9 minutes per game in 150 career contests. Because he has only been in the NBA for three years, Price was eligible for restricted free agency this summer, but after he posted a career-low 3.9 PPG and .339 FG% in 2011/12, the 6'2" guard did not receive a qualifying offer from Indiana.

As our Free Agent Tracker shows, the Wizards have been all but inactive on the free agent market this summer. Before Price, Washington's only other free agent activity had involved re-signing Cartier Martin for less than $1MM.