UPDATE: There were problems with Luther Head’s physical, so the Hornets chose not to sign him. See this page.

The AP reports:

The New Orleans Hornets have reached an agreement on a two-year contract with veteran guard Luther Head.

The Hornets are not announcing the deal yet because Head still must pass his physical, but Head’s agent, Mark Bartelstein, told The Associated Press on Saturday that the deal paying Head about $2.5 million over two years is done.

InsideHoops.com editor says:

With this move, the Hornets improve their bench depth.

John Jackson of the Chicago Sun-Times reports:

Like other teams in other cities, the Bulls went all-in to try to get LeBron James and suffered a major setback when James decided to join the Miami Heat to form the Bigger Three with Dwyane Wade and Chris Bosh.

But unlike some of those other spurned teams — especially the Cleveland Cavaliers — the Bulls had no harsh words for James and offered no regrets about any decision they made in the free-agent process.

”In our dealings with [James], he was terrific,” general manager Gar Forman said. ”He was professional, we really enjoyed the time we had to spend with him and there was nothing [negative].”