Valencia Basket announced the departure of Nando De Colo who will be signing a two-year deal with the San Antonio Spurs.

"It is a honor for me to sign with the Spurs but I will always remember my years in Spain with Valencia" said De Colo, also member of French National Team who will be playing the Olympic Games in London. 

De Colo is expected to sign a two-year, $2.8 million contract with the Spurs according to the French website L’Equipe (Hat tip: Air Alamo).

The Spurs will could use a portion of their bi-annual exception (worth $1.9 million this season) by signing De Colo.

Interestingly, Barcelona offered more money, but the French combo guard who was picked by the Spurs in 2009 decided to come to San Antonio. 

(Photo via miathletic.com)