Free-agent point guard Chris Paul plans to sign with the San Antonio Spurs, sources told TNT's Chris Haynes.

Paul will sign a one-year deal worth $11 million-plus with San Antonio, sources told ESPN's Adrian Wojnarowski.

The 39-year-old elected to join the Spurs hours after being waived by the Golden State Warriors ahead of Sunday's deadline to guarantee his $30 million salary for next season.

Paul will serve as a mentor for reigning Rookie of the Year Victor Wembanyama on a young Spurs squad looking to turn a corner. San Antonio posted 22-60 records in each of the last two seasons and hasn't made the playoffs since 2019.

The 19-year veteran played just one campaign with the Warriors after being acquired from the Washington Wizards last July. Paul averaged a career-low 9.2 points in 58 games (18 starts) last season, while his 6.8 assists per game represented his worst mark in four years.

Golden State and Paul previously agreed to push the deadline for his guaranteed salary back from Friday to Sunday while the team tried to find a trade. A deal that would have sent him back to the Los Angeles Clippers for Paul George was reportedly pursued, but it ultimately didn't come to fruition.

With Paul off the books, the Warriors' payroll now sits at approximately $147 million, well below the tax threshold of $171.3 million, according to ESPN's Bobby Marks.