According to Ken Berger of CBS Sports, Artest met with Lakers owner Dr. Jerry Buss and spoke with Phil Jackson on Thursday before instructing his agent to get a deal done. Details of the agreement -- both the length and the amount -- are still unknown, but from the sounds of it, Artest isn't about to quibble over the details.
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The agreement was confirmed via Twitter by both the Los Angeles Daily News and Sacramento's 1140 AM (KHTK). Stay tuned as more details emerge.
Update: Mike Bresnahan of the L.A. Times confirms a deal is close.
Update: ESPN's Chris Broussard reports Artest will sign a three-year, $18 million deal. Three years is something of a magic number, as that's the minimum amount of time until the Lakers attain Bird Rights on Artest, which would allow them to go over the salary cap to re-sign him.