Barnes will likely sign the contract on Friday. The deal will pay him $1.7 million next season and give him a player option for $1.9 million in 2011-12.
The Cleveland Cavaliers had guaranteed $7 million over two years with a team option for a third season, but Barnes wanted more guaranteed money to sign with a non-championship contender. Cleveland refused to improve its offer and ultimately was willing to let Barnes go to a lower bidder.
Barnes announced earlier in the week he was signing with the Toronto Raptors, but a sign-and-trade deal that would have paid him $9 million over two years fell apart.