Hardaway agrees $12m deal

Hardaway (l) in action against the Chicago Bulls

Tim Hardaway is set to become the highest paid point guard in the NBA after agreeing a new one year deal with the Miami Heat, the Fort Lauderdale Sun-Sentinel has reported.

According to the newspaper, Hardaway, a member of the US Olympic basketball team, has been mailed his contract in Australia.

The 34-year-old Hardaway, an 11-year veteran, will receive $12 million for the year.

A spokesman for the Heat would not confirm the report but the Sun-Sentinel said Hardaway had originally sought a three-year contract at less money per year, however president/coach Pat Riley ruled this out.