Eric Bledsoe has agreed to a five-year, $70 million contract with the Suns, Yahoo! Sports reports.

Bledsoe has agreed to a five-year, $70 million contract with the Suns, Yahoo! Sports reports.

Analysis:

Bledsoe was previously in a stalemate with Phoenix all summer, after turning down a four-year, $48 million offer sheet from the Suns in July. However, with the deadline for Bledsoe to sign a qualifying offer with the Suns quickly approaching, both parties renewed negotiations over the weekend and have now come to agreement on a lucrative contract to keep the 24-year-old in Phoenix long-term. With Bledsoe's future sorted out, the dynamic playmaker will return to partner fellow guard Goran Dragic in the Suns' starting backcourt this season. Upon being traded away from the Clippers and point guard Chris Paul's shadow last season, Bledsoe went on to flourish under new Suns' coach Jeff Hornacek, averaging 17.7 points, 5.5 assists, 4.7 rebounds, and 1.6 steals in 32.9 minutes across a 43-game season shortened by knee surgery.