James Harden has agreed to terms on a two-year contract to stay with the Philadelphia 76ers and will make about $14.5 million less this coming season than he could have earned under his previous deal, a person with knowledge of the negotiations said Wednesday.

Harden will sign a deal worth slightly over $68 million, paying him about $33 million this season and with a $35 million player option for the 2023-24 season, according to the person who spoke to The Associated Press on condition of anonymity because the team has not announced the deal.

ESPN first reported the agreement being finalized.

Harden had a $47.4 million option for this coming season that he declined last month, saying he wanted to give the 76ers flexibility to improve their roster and compete for a championship. Giving back that much money - Harden basically gave himself a 30% pay cut - allowed the 76ers to make moves such as signing power forward P.J. Tucker and small forward Danuel House earlier this month.