Marc J. Spears of Yahoo! Sports reports that Garnett will sign a three-year, $34 million contract.
Garnett had an excellent season for a 36-year-old who seemed to be on his way out a few years ago.
Garnett's contract will most likely set up his retirement in either 2014 or 2015. After being drafted out of high school, this past season was Garnett's 17th in the NBA and his sixth with the Celtics.
It seemed as though his two options were retirement or returning to the Celtics. It came down to whether he wanted to play or not, as he knew that the Celtics would be his team if he decided to play.
The Celtics certainly got a great deal here, as they got a seasoned veteran who still has something left in the tank for a relatively cheap price, saving some cap room to sign a mid-level free agent.
Garnett posted a solid line of 15.8 points per game, 8.2 rebounds per game, 2.9 assists per game and 1.0 block per game this season. He also recorded a PER (Player Efficiency Rating) of 20.4, nearly five points above the league average.
The unquestioned emotional leader of the Celtics upped his game tremendously in the playoffs, averaging 19.2 PPG and 10.8 RPG in 20 games. He carried the Celtics to several victories throughout the playoffs and played a monumental role in Boston's playoff run to Game 7 of the Eastern Conference finals, where they lost a heart-breaker to the eventual NBA champion Miami Heat.
The Celtics have put together another piece of the puzzle in assembling their 2013 roster. Boston drafted two players who could play in the frontcourt with Garnett in forward Jared Sullinger and center Fab Melo. Garnett could play an imperative role in mentoring both young, talented players.
Should Garnett keep his numbers somewhere near his averages in 2011-12, the Celtics would be in excellent shape to make another deep playoff run.
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