4:33pm: Brook's deal averages $3.3MM annually, with a second-year player option, according to SI.com's Sam Amick (via Twitter).
4:21pm: Brooks' contract is expected to be worth about $3MM annually, reports Jason Jones of the Sacramento Bee (via Sulia).
3:55pm: The Kings have agreed to terms with Aaron Brooks, reports SI.com's Sam Amick (via Twitter). According to Alex Kennedy of HoopsWorld, the deal will be for two years (Twitter link). Brooks himself broke the news, cryptically tweeting: "Sacramento Kings….."
After the Kings acquired James Johnson earlier today, Jason Jones of the Sacramento Bee reported that the team's 2012/13 salary was up to about $55.5MM. That would leave them about $2.5MM below the cap, though John Hollinger of ESPN.com estimates the team has closer to $3.5MM available. Depending on whether he signs for the team's remaining cap space or the room exception, Brooks is likely in line for a first-year salary ranging from $2.5MM to $3.5MM.
Jones also noted that the Kings had interest in the Hawks' Jeff Teague, but presumably they won't be pursuing Teague now they've signed Brooks, who has also been on Sacramento's radar for "years," according to Amick (via Twitter).
Brooks began the offseason as a restricted free agent, but the Suns pulled their qualifying offer to the 27-year-old during the moratorium, in anticipation of signing Goran Dragic and Michael Beasley, and extending a max offer sheet to Eric Gordon. Brooks spent the 2011/12 overseas, leading China's Guangdong Southern Tigers to the CBA Finals. In 272 games over the course of his four-year NBA career, the 6'0" guard has averaged 12.5 points and 3.6 assists in 25.0 minutes per contest for the Rockets and Suns.