Kobe Bryant has reached a verbal agreement to sign with Virtus Bologna, according to the team's president.

"We have reached an economic deal," Virtus president Claudio Sabatini told a local radio station. "There's still some things to arrange but at this point I'm very optimistic. I would say it's 95 percent done."

The two sides have settled on a $3 million contract for the opening 40 days of the Italian league season.

A source close to talks warns Adrian Wojarowski that no agreement is imminent.