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INDIANAPOLIS (July 16, 2014) – Lance Stephenson will sign with the Charlotte Hornets, according to reports from the Charlotte Observer and ESPN.

According to Rick Bonnell from the Charlotte Observer, Stephenson will sign a three-year deal with the Hornets. ESPN’s Chris Broussard reported that the deal was for three years and $27 million with a team option for the third year.

The Observer reported Tuesday that the Hornets were pursuing Stephenson in free agency.

ESPN reported Wednesday that Stephenson was also offered a two-year, $20 million deal from the Dallas Mavericks.

The Pacers had offered Stephenson a five-year deal worth $44 million, an offer Stephenson turned down. He averaged 13.8 points, 7.2 rebounds and 4.7 assists last season.

Stephenson took to Twitter Wednesday morning to thank Pacers fans and said he was excited about his future in Charlotte:

Indy, I had a great 4 years. Thank you Larry Bird, the fans, my coaches and teammates for the incredible … http://t.co/9DcRknGQs8 — Lance Stephenson (@StephensonLance) July 16, 2014

Here’s the entire message:

Indy, I had a great 4 years. Thank you Larry Bird, the fans, my coaches and teammates for the incredible experience. I will never forget any of you! I now have to look to the next phase of my career and the wonderful opportunity to continue to grow as a player and as a person in Charlotte! I’m excited to play for this franchise and the fans!! #buzzcity

Read more from the Charlotte Observer.

The Charlotte Hornets will sign Lance Stephenson to a 3-year contract, the last season a team option, the Observer has learned. — Rick Bonnell (@rick_bonnell) July 16, 2014

Under terms of the deal Stephenson will make $9 million next season and in 2015-16, with a slight raise in the 2016-17 team option. — Rick Bonnell (@rick_bonnell) July 16, 2014

3 yrs $27 million Lance to Charlotte, "@rick_bonnell: The Charlotte Hornets will sign Lance Stephenson, the Observer has learned." — Chris Broussard (@Chris_Broussard) July 16, 2014

Sources: Lance Stephenson accepts 3 yr, $27 million deal with Charlotte — Chris Broussard (@Chris_Broussard) July 16, 2014

Last yr for Lance is team option — Chris Broussard (@Chris_Broussard) July 16, 2014