Thursday , Jul , 03 , 2008 C.Y. Ellis

Chris Paul Set to Sign $68 Million Deal to Stay in New Orleans

Chris Paul Set to Sign $68 Million Deal to Stay in New Orleans Chris Paul and the New Orleans Hornets reached a contract agreement Thursday that could keep the All-Star point guard with the team for at least the next four seasons.

Lance Young, Paul’s agent, said Paul agreed to a three-year extension with a player’s option for a fourth year. The total value of the deal is $68 million.

Paul, who recently completed his third NBA season and has been selected to play for the United States in the Olympics, has one season remaining on his current contract. Under league rules, the first day the Hornets can formalize Paul’s new contract is July 9.

Paul and Young met with Hornets general manager Jeff Bower at the team’s training center in suburban New Orleans on Wednesday, but Young, who is based in the Washington, D.C., area with the sports management and marking company Octagon, flew home Thursday morning without the final details nailed down.