TUESDAY, 10:22am: The Nets have officially signed Shengelia, the team announced today (Twitter link).
WEDNESDAY, 4:03pm: The Nets have agreed to sign second-round pick Tornike Shengelia to a two-year contract, according to Tim Bontemps of the New York Post. Emiliano Carchia of Sportando first reported (via Twitter) that Shengelia was "on the verge" of a two-year deal with Brooklyn.
Shengelia, who was selected 54th overall in June's draft, was considered likely to return to Europe after playing in the Belgian League a year ago. However, the Georgian forward showed enough during the Orlando Summer League to earn a spot on the Nets for the coming season.