SpursReport and ESPN are reporting that even though a few top contenders were interested in signing him, Michael Finley has elected to re-sign with the San Antonio Spurs.

NBA front office sources are reporting that Finley and the Spurs have reached terms on a new deal that has been submitted for league approval.

The news comes hours after it was revealed that Jannero Pargo, who the Spurs had been courting for some time, has decided to play in Russia next season. It is not known if Finley's deal was in limbo due to that development.

Gregg Popovich, in particular, had said that they wanted Finley back earlier this summer, but there had been little said since. One report had Finley turning down offers from Europe.

Contract specifics were not immediately available, but sources say Finley's decision came down to a choice between staying with the Spurs or joining the Boston Celtics. Had he gone to Boston, it would have been as the reigning champs' replacement for James Posey, who signed with the New Orleans Hornets earlier this summer.

The two-time All-Star also drew strong interest from the Hornets and Cavaliers.

The Spurs have made no official announcement about the signing.