According to the Denver Post on Tuesday, Nene inked a five-year deal worth as much as $67 million.
The 6-foot-11 native of Brazil was viewed as the one of the best frontcourt players remaining on the free agent market.
Nene has played his entire nine-year career in Denver and last season logged a career high-tying 14.6 per game to go with 7.6 rebounds, which are close to his career numbers of 12.3 points and 6.9 boards per game.
He also led the league in shooting percentage in 2010-11, making 61.5 percent of his attempts.
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