Now, it has been solidified by ESPN's Chris Broussard that the contract is worth $58 million over four years. The offer sheet is to be signed by Gordon on July 11th.
Gordon, who is just 23 years old, has emerged as a top shooting guard in the league.
Broussard also tweeted on the transaction with a quote from Gordon himself:
Eric Gordon told me this: "I strongly feel (the Suns) are the right franchise for me. Phoenix is just where my heart is.''
— Chris Broussard (@Chris_Broussard) July 4, 2012
Gordon seems to be eager to join the Suns organization and will certainly be a key building block for their future.
This all being said, the New Orleans Hornets still have the chance to match the offer or decide if they want to do a sign-and-trade elsewhere.
However from the looks of it, Gordon wants out and wants to go to Phoenix.
Update: It was reported by Adrian Wojnarowski of Yahoo! Sports via twitter that Hornets plan on matching the offer:
Gordon was the key player in the Chris Paul deal and Hornets have long been resolved to match a max offer sheet and keep him.— Adrian Wojnarowski (@WojYahooNBA) July 4, 2012
Whether he likes it or not, it looks like Gordon will be staying put in New Orleans.