Insider: Desperate Pacers add Lance Stephenson

• Pacers at Grizzlies, 8 p.m. Wednesday, Fox Sports Indiana

MEMPHIS, Tenn. — Desperate to make the playoffs, the Indiana Pacers have reunited with Lance Stephenson, the energetic, versatile and mercurial combo guard who flourished with the team earlier in his career.

The Pacers, according to multiple media reports, have agreed to sign Stephenson to a three-year, $12 million deal. The team has not made the move official yet. Adam Zagoria of Zagsblog.com was the first to report the deal. ESPN's Chris Haynes reported the third year of the contract will be a team option. Pacers coach Nate McMillan wouldn't discuss Stephenson prior to Wednesday's game because the deal isn't finalized.

Once the deal is finalized, Stephenson will fill the final 15-man roster spot previously held by veteran guard Rodney Stuckey. The team announced Wednesday morning it waived Stuckey, who was expected to miss at least four to six weeks rehabbing from a strained patellar tendon in his left knee.

Stephenson is expected to bring a level of intensity and tenacity that the Pacers have lacked at times this season. The teams enters Wednesday’s game against the Memphis Grizzlies with a 37-37 record for seventh place in the Eastern Conference standings.

Although he hasn’t played for the Pacers since the 2013-14 season, Stephenson remains fond of team president Larry Bird. Stephenson and Paul George, the Pacers’ All-Star small forward, also have remained close friends.

Stephenson likely will come off the bench and could have some ball-handling responsibilities. The Pacers’ bench is depleted with Al Jefferson (sprained left ankle) out at least two weeks and Glenn Robinson III (left calf strain) being reevaluated late next week. Indiana used all five starters at least 32 minutes in its disappointing 115-114 loss to Minnesota on Tuesday.

Reaction: Twitter responds to Lance Stephenson re-signing with the Pacers

Stephenson, 26, was one of Bird’s best draft finds. The 40th overall pick in 2010, he become a polarizing figure during his four seasons with the Pacers. Whether fans loved him or hated him, Stephenson brought high and infectious energy — and plenty of antics. Included were blowing in LeBron James' ear and saying the then-Heat's star trash talking was a "sign of weakness" during the 2014 playoffs, and making a choke sign at James in 2012.

The Pacers play James and the Cleveland Cavaliers on Sunday.

Stephenson also reportedly got into a fistfight with teammate Evan Turner at practice for the 2014 playoffs.

Despite that, Stephenson was a key contributor to the Pacers’ run to back-to-back Eastern Conference finals appearances in 2013 and ’14. He averaged 13.8 points, 7.2 rebounds and 4.6 assists, all of which were career highs, in 2013-14. He turned down a five-year, $44-million contract extension from the Pacers following that season in favor of a three-year, $27-million deal with the Charlotte Hornets.

“I wanted to stay there, but they gave me a deadline where I had to choose,” Stephenson said of Bird in October 2014. “So there wasn't no time for me to make a decision. They gave me a deadline (before) how long it (was) going to take for them to go somewhere else. I had to make a quick decision and me and my agent decided we would see what other teams (were) talking about.”

Stephenson, though, averaged just 8.2 points on 37.6 percent shooting in Charlotte and was traded to the Los Angeles Clippers, who then traded him to Memphis. The Grizzlies declined his extension after last season. Stephenson played just six games each with the New Orleans Pelicans and Minnesota Timberwolves this season, averaging 6.6 points, while battling multiple injuries.

Last summer, Stephenson showed interest in rejoining the Pacers as a free agent. Bird and the Pacers’ front office expressed mutual interest in signing Stephenson. The two parties couldn’t agree to a deal at the time because the Pacers were unwilling to sign Stephenson to a guaranteed, multiyear contract. In September, Stephenson signed a one-year, veteran’s minimum contract with the Pelicans worth $1.22 million. Just $100,000 of the contract reportedly was guaranteed.

Stephenson in October said he had moved on from his Pacers years to focus on his time with the Pelicans.

“I talked to them, but it just didn’t work out,” Stephenson said then of Bird and the Pacers. “I hate talking about it. It keeps bringing back up memories. I just want to move forward and show everybody that I learned from all this stuff that I’ve been through back then and all the steps that I had went through to get here. I just want to work hard and get my name building up again.”

Stephenson has continued to consider Indianapolis his home after he established himself as a versatile scorer and strong perimeter defender with the Pacers. He will, with a second tour with the Pacers, try to rebuild his career and help the team reach the postseason.

More: Doyel: The Pacers' only hope is a greedy Paul George

As for Stuckey, his tenure with the Pacers ended because of multiple nagging injuries that mired his past two seasons. Stuckey, 30, sustained his injury during Sunday’s game, which likely would have ended his season.

The Pacers had until April 10 to release Stuckey before he could have taken advantage of a $7 million player option for next season, according to reports.

The Pacers signed Stuckey to a one-year deal for the 2014-15 season, and he was an effective player with George sidelined, averaging 12.6 points on a career-high 39 percent 3-point shooting. Indiana re-signed Stuckey to a three-year contract, but he was far less effective. He averaged just 8.9 points and shot 24.1 percent on 3s in 2015-16. This season, he averaged 7.2 points and 31.7 percent on 3s.

He missed 24 games last season with a sprain and bone bruise in his right foot. He played in just 39 games this season because of hamstring injuries to both legs earlier in the year.

Stuckey also struggled to fit into a Pacers' offense that includes several other veteran guards who need the ball in their hands. He produced career lows in points (7.2), field goal percentage (.373) and rebounds (2.2) this season.

“We want to thank Rodney for his commitment to our franchise in his three years with the Pacers,” Bird said a statement. “He was a positive influence not only to our team but also in the community. We wish him nothing but the best in the future.”

Call IndyStar reporter Nate Taylor at (317) 444-6484. Follow him on Twitter:@ByNateTaylor.

Download our Pacers app to stay updated: http://bit.ly/1BR4fDs

Pacers at Grizzlies, 8 p.m. Wednesday, Fox Sports Indiana