Earlier Friday, Ferrell backed out of his agreement with the Dallas Mavericks on a two-year, $5.3 million deal that the two sides had agreed to Thursday.
A Mavericks source told ESPN's Tim MacMahon that Ferrell's agent, Cervando Tejeda, informed the Mavs of Ferrell's decision after the team read the report online. Tejeda declined to comment when reached by ESPN.
Ferrell had been an unrestricted free agent because Dallas rescinded his $2.9 million qualifying offer last week. The team considered that move a formality because it was in the final stages of negotiating the deal to keep Ferrell.
Ferrell joined the Mavs as a G League call-up during the 2016-17 season and performed so well that the team signed him to a two-year contract when his 10-day deal expired.
He has averaged 10.6 points and 3.0 assists in 118 games for the Mavs, including 50 starts. He could have been pushed for playing time by second-round pick Jalen Brunson if Ferrell returned to Dallas.