The Golden State Warriors wasted no time in finding a replacement for Gilbert Arenas.

ESPN.com's Marc Stein reports that the Warriors will sign free-agent point guard Speedy Claxton to a three-year contract believed to be worth $10 million.

Arenas, 21, the Warriors' starting point guard and the NBA's Most Improved Player last season, signed an offer sheet believed to be worth $65 million with the Washington Wizards on Monday night. Golden State had 15 days to match the contract, but the addition of Claxton serves as an unofficial concession that the Warriors won't match.