SATURDAY, 3:26pm: The Bobcats have officially signed Sessions, according to a team release.
THURSDAY, 4:46pm: Sources tell Spears that the deal will go for two seasons (Twitter link).
1:33pm: The Bobcats and Sessions have agreed in principle to a contract, reports Rick Bonnell of the Charlotte Observer.
12:27pm: The Bobcats are finalizing a deal to sign unrestricted free agent Ramon Sessions, reports Marc J. Spears of Yahoo! Sports (via Twitter). Sessions hit free agency after deciding not to exercise his 2012/13 player option with the Lakers.
Sessions has reportedly drawn interest this offseason from the Lakers, Mavericks, and Rockets, among other teams. However, the Lakers and Mavs both found point guards on the trade market (Steve Nash and Darren Collison, respectively), while the Rockets are still tied up with an offer sheet for Jeremy Lin.
If Sessions and the Bobcats reach an agreement, it would almost certainly mean the end of D.J. Augustin's time in Charlotte. The veteran Sessions figures to split time at the point with 22-year-old Kemba Walker. As for the financial details, the Bobcats have enough cap space to offer Sessions more than mid-level money, though I'd be surprised if they did — the years and salary the two sides are discussing are still unclear.