Free agent guard Collin Gillespie intends to sign a four-year, $48 million deal to return to the Phoenix Suns, sources told ESPN on Saturday.

Gillespie spent three straight seasons on two-way contracts after going undrafted out of Villanova in 2022. He now earns a lucrative long-term deal as a significant member and success story of the team’s new culture around grit and toughness.

Gillespie’s agents at Excel Sports Management, Jordan Gertler and James Dunleavy, negotiated a deal with Suns executives after teams became eligible to talk to their own free agents last weekend.

The Suns originally landed Gillespie on a two-way deal in July 2024 then gave him a one-year contract last summer to develop his game in Phoenix.

Gillespie is coming off a breakout campaign, eclipsing the Suns’ franchise record for 3-pointers with 232 and setting career highs in games played (80), points per game (12.7), rebounds per game (4.1), assists per game (4.6) and steals per game (1.2).

Gillespie showed a dynamic ability at both guard positions alongside All-Star Devin Booker in catch-and-shoot situations and off-the-dribble opportunities. Gillespie was one of eight players to make at least 90 catch-and-shoot 3s and 90 off-the-dribble 3s this past season, according to ESPN Research.