JULY 22nd, 4:17pm: The Celtics announced the deal, making it official.
JULY 15th, 2:23pm: The Celtics have reached an agreement in principle on a three-year deal with Brazilian big man Vitor Faverani, reports Marc J. Spears of Yahoo! Sports (via Twitter). Talks between the two sides had been reported last week by TuBasket.com, though there were some questions about whether the C's would be able to negotiate a buyout.
Faverani, 25, has spent the last several seasons overseas, including the 2012/13 season with Valencia. In 23 Spanish League contests, Favenari averaged 9.3 PPG and 4.6 RPG while shooting 59.4%.
If the Celtics agreed to sign Faverani to a three-year deal, the team won't be able to use the minimum salary exception, even if not all three years are fully guaranteed. So it appears likely that the team will use a portion of its mid-level exception to complete the signing, though contract terms aren't yet known.