The Denver Nuggets have re-signed Nene to a five-year deal, keeping the unrestricted free agent through 2015-16.
The Denver Post first reported that the Brazilian center had agreed to the contract that could be worth up to $67 million.
Nene had considered leaving Denver for the Nets, Rockets or Pacers as an unrestricted free agent, but decided in the end to stay in the city where he began his career in 2002.
Nene averaged 14.5 points and 7.6 rebounds last season and will be counted upon to provide leadership following Kenyon Martin's exodus to China during the NBA lockout. Nene will start in the Nuggets frontcourt alongside Timofey Mozgov.