Guard Quentin Grimes is signing a one-year, $8.7-million qualifying offer to remain with the Philadelphia 76ers, his agent told ESPN's Shams Charania.
Grimes was a restricted free agent and had until Wednesday at 11:59 p.m. ET to sign his qualifying offer.
The 25-year-old can now veto any trades involving him this upcoming season and is slated to hit the open market next summer as an unrestricted free agent.
Grimes and the 76ers had a lengthy contract negotiation process with the two sides reportedly "very far apart" on a new deal as of last week. The former first-round pick was in attendance for the club's media day, but he didn't travel to Abu Dhabi for their preseason games against the New York Knicks.