Dirk Nowitzki and the Dallas Mavericks have agreed to terms on a new three-year contract believed to be in the $30 million range, according to sources close to the situation.

The deal, sources said, contains a player option that would allow Nowitzki to return to free agency in the summer of 2016 and preserves the rare no-trade clause he had in his last contract.

Fresh off completing a four-year, $80 million contract in which he left some $16 million on the table, Nowitzki has agreed to take a far steeper pay cut this time in hopes of leaving enough salary-cap space for the Mavericks to sign top free-agent target Carmelo Anthony or multiple other contributors this summer.

Sources say that the Mavericks intend to extend a lucrative offer sheet to Houston Rockets free agent Chandler Parsons or try to sign Cleveland Cavaliers free agent Luol Deng if Anthony elects to re-sign with the New York Knicks.