The San Antonio Spurs have reached an agreement in principle to re-sign power forward Tiago Splitter, according to sources close to the process.

Sources told ESPN.com that other teams chasing the restricted free agent dropped out of contention Tuesday as it became apparent that Splitter and the Spurs had essentially agreed to terms on a new deal.

ESPN.com first reported the agreement. Yahoo! Sports reported that Splitter will receive a four-year, $36 million contract.

The contract can't officially be signed until July 10, when the league's annual moratorium on signings and trades is lifted, but Splitter has verbally agreed to stay in San Antonio, sources said.