Here’s the Charlotte Observer reporting some pretty big Hornets free agency news:

Lance Stephenson will reportedly sign with Charlotte Hornets

Following an all-night negotiating session, the Charlotte Hornets have come to an agreement to sign Indiana Pacers shooting guard Lance Stephenson, the Observer has learned.

Under terms of the agreement, Stephenson will make $9 million in 2014-15 and $9 million in 2015-16. Stephenson will get a slight raise in 2016-17 if the Hornets pick up the team option.

Stephenson fills an obvious need, as the Hornets were weak offensively at the shooting guard and small forward positions. The 6-foot-5 Stephenson had a breakthrough season statistically, averaging 13.8 points, 7.2 rebounds and 4.7 assists. He also shot 49 percent from the field and 35 percent from 3-point range.

However, he has a quirky personality that seems to have limited his market when he became an unrestricted free agent July 1.

The Pacers had offered Stephenson $44 million over five seasons, and reportedly did not come off that number. Stephenson thought he was worth considerably more.