THURSDAY, 2:28pm: The Sixers have officially signed Young, the team announced today (Twitter link).
FRIDAY, 9:57am: The 76ers and Nick Young have agreed to terms on a contract, according to agent Mark Bartelstein (Twitter link via Adrian Wojnarowski of Yahoo! Sports). The deal will be for one year and $6MM, says Marc Stein of ESPN.com (via Twitter).
The Sixers have already reached contract agreements with Spencer Hawes and Lavoy Allen this offseason, so between cap holds for those players and Philadelphia's existing guaranteed contracts, there doesn't seem to be cap room available for Young. Since the reported figure exceeds the mid-level exception, it's probably safe to assume Philadelphia will clear the necessary space by amnestying Elton Brand.
Young, 27, was acquired by the Clippers at this year's trade deadline, but after L.A. re-signed Chauncey Billups and added Jamal Crawford, it became clear Young would be playing somewhere else next season. The Lakers, Celtics, and Hornets were among the teams rumored to have some interest in the five-year veteran.
The Sixers' agreement with Young doesn't necessarily mean unrestricted free agent Lou Williams is headed elsewhere, but you have to think it doesn't bode especially well for Williams' future in Philadelphia.