11:24pm: Real Madrid has officially announced the deal for Fernandez, tweets Emiliano Carchia of Sportando.
WEDNESDAY, 8:43am: Fernandez's deal is for nine million Euros over three years, tweets ESPN.com's Marc Stein. At the moment, that works out to about $11.31MM.
TUESDAY, 2:31pm: Rudy Fernandez has agreed to sign a three-year contract with Spain's Real Madrid, according to Marca.com (Spanish link translated by Sportando). Fernandez himself confirmed via Twitter (Spanish link) that his new contract will officially be announced tomorrow.
Fernandez, a first-round pick in 2007, has been in the NBA since the 2008/09 season. He played three seasons for Portland before being traded to the Nuggets last offseason. His 2011/12 season with Denver was cut short when he underwent back surgery in March. In 249 career NBA games, the 27-year-old averaged 9.1 points in 24 minutes per game.
Because the Nuggets didn't extend Fernandez a qualifying offer, the shooter will be free to sign with any NBA team if he ever decides to return.