Pau Gasol, San Antonio Spurs Agree to New 3-Year Contract | News, Scores, Highlights, Stats, and Rumors

ESPN.com's Adrian Wojnarowski first reported the deal on July 21, adding on Monday that the deal is worth $48 million with a partial guarantee for the final season.

Gasol, 37, averaged 12.4 points, 7.8 rebounds and 1.1 blocks per game for the Spurs last season, appearing in 64 games. 

He transitioned to a role coming off the bench for the Spurs, with head coach Gregg Popovich preferring to start a lineup with LaMarcus Aldridge at power forward and Dewayne Dedmon at center to start games. Gasol still averaged 25.4 minutes per contest, however.

While Gasol's numbers declined during the 2016-17 season, he was a key contributor for a team that finished the regular season 61-21, the league's second-best record. The team is now built around Kawhi Leonard, but veterans such as Gasol, Aldridge, Tony Parker, Danny Green and Patty Mills give the team an excellent supporting cast.

Retaining Gasol and keeping that supporting cast in place should help the Spurs keep pace with the West's top teams like the Golden State Warriors and Houston Rockets. While defeating the Warriors will remain difficult given their glut of superstars, the Spurs are equipped to make another run for the title in the 2017-18 season.