The Brooklyn Nets re-signed center Brook Lopez on Wednesday, essentially putting an end to their pursuit of Orlando Magic center Dwight Howard.
The New York Times reported that it is a four-year, $60.8 million contract.
Lopez was a centerpiece of a possible trade for Howard, but the re-signing eliminates any opportunity of Brooklyn acquiring the disgruntled center until 2013.
Per rules of the collective bargaining agreement, once Lopez signs his deal, he can't be traded until Jan. 15.
"Brook Lopez is one of the top young centers in the NBA," said Nets general manager Billy King. "We have witnessed his growth as a player over the past four years, and are very pleased that he will remain in a Nets uniform as we begin our new era in Brooklyn."
Lopez, the 10th overall selection of the 2008 NBA Draft, played just five games last year due to foot and ankle injuries.
Over four NBA seasons, all with the Nets, the 24-year-old Stanford product has tallied 17.4 points, 7.5 rebounds and 1.6 blocks.
In other news Wednesday, Brooklyn picked up forward Reggie Evans from the Los Angeles Clippers for the right to swap second round draft picks in 2016 and agreed to terms with Bosnian forward Mirza Teletovic.
"Reggie Evans is one of the most tenacious rebounders in the league," said King. "He is a proven NBA veteran and will be an important addition to our front court rotation."
Evans, 32, put up 1.9 points, and 4.8 rebounds in 56 games for the Clippers last season, while Teletovic averaged 16.3 points and 6.9 rebounds for Caja Laboral Vitoria of the Spanish ACB League last season.
Earlier on Wednesday, the Nets landed six-time All Star guard Joe Johnson in a trade with the Atlanta Hawks involving a total of six players and two draft picks. The Nets also re-signed forward Gerald Wallace.