Portland, OR – The Portland Trail Blazers and center Greg year contract on Friday.
The Blazers extended a qualifying offer to Oden back in late June, ensuring the team had an opportunity to match any offer that the restricted free agent may sign with another club.
However, this new pact comes on the heels of both parties agreeing to negotiate a new deal.
"Following Greg's most recent physical examination and evaluation, we've determined that he has suffered a setback," said Trail Blazers president Larry Miller. "We're hopeful, but less confident that he will return to the court this season. We've stood by Greg from the day he was drafted and we continue to do so now with this agreement."
The 23-year-old Oden has been through an injury-riddled start to his professional career. He has not played in an NBA game since fracturing his left patella on December 5, 2009.
"I'm obviously disappointed with the setback, but I'm as determined as ever to return to the court," said Oden. "I appreciate the support of the Trail Blazers and our fans and that they continue to stand behind me."
The oft-injured former No. 1 pick of the 2007 draft has yet to play in more than 61 games in a season. Out of a possible 328 regular season games that he has spent on the Blazers' roster since entering the NBA, Oden has played in only 82 of them, averaging 9.4 points, 7.3 rebounds and 1.4 blocks.