"Restricted free agent guard Daequan Cook on Friday agreed to a two-year contract extension with the Thunder. The deal, worth $6.5 million, will keep the sharpshooter in Oklahoma City through the 2012-13 season.

Cook did not participate in the start of practice Friday while waiting for the deal to be finalized by the league office. But he will join the team Saturday after the contract was approved late Friday night.

Cook's agent, Mike Conley Sr., in a telephone interview with The Oklahoman called the continued relationship a good fit.

"He always wanted to come back, but it had to make sense for him," Conley Sr. said. "They were able to do that, and he's looking forward to the year."

The Thunder had repeatedly expressed a desire to retain Cook, who shot 44 percent on corner 3-pointers last season en route to a career-high 42.2 percent accuracy from beyond the arc. But the organization had to be careful to not overpay and risk financial hardship down the line. By offering a two-year deal, the Thunder will not have Cook on the books when potential contract extensions for James Harden and Serge Ibaka would kick in at the start of the 2013-14 season."