The Charlotte Hornets and guard Terry Rozier have agreed to a four-year contract extension worth $97 million. Rozier was set to become an unrestricted free agent in the summer of 2022. He'll play this year for Charlotte for $17.9 million before his extension kicks in with the 2022-23 season.

Rozier joined the Hornets via sign-and-trade from the Boston Celtics in 2019. With Charlotte, Rozier has become a full-time starter and averaged a career-high 20.4 points per game in 2020-21. Rozier also shot a career-best 45% from the field, while averaging 4.4 rebounds and 4.3 assists per game.

After signing-and-trading Devonte Graham to the New Orleans Pelicans, it was important for Charlotte to retain Rozier. He's proven to be a good fit in the backcourt with LaMelo Ball, as Rozier is comfortable playing on and off the ball.

The Charlotte Hornets are finalizing a multi-year contract extension with James Borrego.

Borrego was set to enter the final season of his original four-year deal with the Hornets.

Borrego is 95-124 in his first three seasons, including 33-39 and a 10-seed in the Eastern Conference last season.

The Charlotte Hornets have waived wing Caleb Martin. Martin's contract was due to become fully guaranteed on August 15. This transaction was done to create cap space for Charlotte to sign forward Kelly Oubre Jr.

In two seasons with the Hornets, Martin averaged 5.3 points per game.

Lauri Markkanen has gone on record with Finnish journalist Antti-Jussi Sipila indicating he wants to leave the Chicago Bulls in restricted free agency this offseason.

“We have offers from several different teams," said Markkanen. "I want a fresh start to my NBA career somewhere else.”

Markkanen has been linked with the Charlotte Hornets.

Kelly Oubre Jr. has agreed to a two-year deal with the Charlotte Hornets worth more than $26 million.

Oubre averaged 15.4 points, 6.0 rebounds and 1.3 assists in 30.7 minutes over 55 games last season with the Golden State Warriors.

Oubre was on a $14.4 million expiring contract last season and was reportedly seeking $20 million per year at the start of free agency.

Kelly Oubre Jr. is in discussions with the Charlotte Hornets.

Oubre averaged 15.4 points, 6.0 rebounds and 1.3 assists in 30.7 minutes over 55 games last season with the Golden State Warriors.

Oubre was on a $14.4 million expiring contract last season and was reportedly seeking $20 million per year at the start of free agency.

The Charlotte Hornets have emerged with strong interest in signing Lauri Markkanen to an offer sheet.

Markkanen received interest from the San Antonio Spurs as part of the DeMar DeRozan sign-and-trade, but the contract he was seeking made them instead take on Thaddeus Young, according to previous reports.

Markkanen averaged 13.6 points and 5.3 rebounds in 25.8 minutes over 51 games last season with the Chicago Bulls. Markkanen averaged a career high 18.7 points and 9.0 rebounds in his second NBA season.

Restricted free agents can begin signing offer sheets on Friday. 

The Charlotte Hornets have agreed to terms with free agent point guard Ish Smith. Smith will reportedly sign a two-year deal with Charlotte that includes a team option for the 2022-23 season. Smith played for the Washington Wizards for the last two seasons.

Smith provides the Hornets with an experienced backup point guard to replace Devonte' Graham, who is being signed-and-traded to the New Orleans Pelicans. Charlotte will become the 12th different NBA team Smith has played for during his 12-year career.

Devonte' Graham has agreed to join the New Orleans Pelicans on a four-year, $47 million sign-and-trade.

The Pelicans will send their own lottery protected 2022 pick to the Charlotte Hornets to complete the trade.

The Chicago Bulls, Charlotte Hornets and New Orleans Pelicans are discussing a three-team trade involving a pair of restricted free agents, sources tell Jake Fischer of Bleacher Report.

The Bulls would acquire Lonzo Ball with Devonte' Graham going to the Pelicans while Tomas Satoransky, Josh Hart and draft capital would go to the Hornets.

Both Ball and Graham are restricted free agents.

The Hornets drafted James Bouknight in last week's draft, who would help replace Graham on the perimeter long-term.

Chicago and New Orleans could ultimately discuss a sign-and-trade involving Ball independent of the participation of the Hornets.