The New Orleans Pelicans re-signed restricted free-agent point guard Norris Cole to a one-year contract Wednesday.
Brian Windhorst of ESPN.com reported the news on Cole signing the qualifying offer, and Yahoo Sports' Marc J. Spears reported the deal is worth $3.03 million, citing agent Rich Paul.
As recently as Tuesday, negotiations between New Orleans and Cole were reportedly at a standstill, according to the Times-Picayune's John Reid. It's a positive sign that an agreement was reached so quickly in light of those circumstances.
''Obviously we would like to have him back on our team," said Pelicans head coach Alvin Gentry of Cole, per Reid.