Brian Schmitz of the Orlando Sentinel reports: The Magic will announce the signings of veterans Grant, 36, and Patrick Ewing, 38, at a 2 p.m. news conference at the RDV Sportsplex today, the first day NBA teams can officially sign free agents.

"Horace did us a major favor," one team source said.

In exchange for forsaking at least one other lucrative offer, Grant signed on for a second tour of duty with the Magic. The length of Grant's deal is somewhat surprising, although the third year is at the team's option. Ewing will sign a two-year contract.

It was believed that Ewing and Grant would equally split the $4.5 million "middle-class" exception, but a club source indicated that Grant received "a little more" because he is nearly three years younger than Ewing, who turns 39 Aug. 5.