The deal is for one-year and the veteran’s minimum, according to multiple reports.
“We are excited that Nick is returning for his 10th season with the Thunder and know he will bring tremendous depth to our team given his ability to play both frontcourt positions with grit, skill and intelligence,” Thunder general manager Sam Presti said in a statement.
Collison, who played just 6.4 minutes per game last season, was drafted by the SuperSonics in 2003 and has spent all 12 seasons with the franchise, holding the distinction as the only Thunder player at the end of last season to have played in Seattle.
After cementing himself as one of the most professional role players in the league, Collison saw his playing time severely dip last season, only appearing in 20 games and averaging a career-low 6.4 minutes, his first season ever in single-digit minutes. With his contract up, retirement was thought to be a consideration for Collison, but he stated after the season he still feels he has more to give.
“I plan to play for sure,” Collison said. “I wasn’t sure going into the season how I would feel at the end of the year, but I still enjoy playing, and I enjoy being around the group. I enjoy being on the team, and I still think I have something to offer.”
Collison is the rare player to have spent such a long time with one franchise, and even more remarkably, this is the first time he’s ever been a free agent. In previous years, he signed contract extensions with the Thunder before reaching free agency.
Known for his pick-and-roll defensive prowess, charge-taking and leadership in the locker room, Collison is a gifted passer and an underrated finisher below the rim.
Collison, 35, averaged 1.7 points and 1.6 rebounds last season, but holds career averages of 6.0 points and 5.2 rebounds in 895 games.
Information from ESPN’s Royce Young was used in this report.