Tracy McGrady signs with Qingdao Eagles in China

UPDATE

McGrady posted on his Facebook page that he has signed with Qingdao Eagles.

McGrady is finalizing an agreement on a one-year contract with Qingdao of the Chinese Basketball Association, Yahoo! Sports reports.

With no team offering McGrady a guaranteed NBA contract for the upcoming season, the seven-time All-Star opted against trying to make a roster in training camp. The Spurs and Knicks worked McGrady out in the past month, but neither would commit a roster spot to him. He will reportedly head to China within the next week or two, but with their season ending in March, it's always possible McGrady returns to the NBA late in the season.