The New Orleans Pelicans have reached a verbal agreement with free-agent forward Solomon Hill on a four-year deal valued at $48 million, according to league sources.

Sources told ESPN.com that Hill has committed to sign with the Pelicans on July 7, when a league-wide moratorium on signings and trades is lifted.

Hill tweeted his gratitude to the Pelicans, in addition to thanking the city of Indianapolis and the Pacers organization who selected him in the first round of the 2013 NBA draft.

The value of the deal, sources said, can reach $50 million if Hill hits certain incentives.

Hill was a prime target for the Pelicans heading into free agency, sources said, with New Orleans eager to slot him in as its new two-way small forward.

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