ESPN's Ric Bucher reports that Billups has now agreed to a multiyear deal with the Pistons, according to sources.
The contract, according to a report in the Detroit Free Press, is for five years and worth $60.5 million. The fifth year of the deal is a team option.
On Wednesday, Billups' agent, Andy Miller, refuted a reports that his client had agreed to a contract that could be five years and worth $60 million.
"This is a vicious rumor," Miller told Free Press. "It's entirely untrue. We have not reached an agreement. I don't know what stage we're at. We're having ongoing discussions, and I don't believe that we're on the verge of signing an agreement anytime today by any stretch of the imagination."
On Tuesday, The Associated Press and some Detroit-area media outlets had reported that Billups and the Pistons had agreed to a five-year contract.
Billups had become an unrestricted free agent last month after opting out of the last year of a six-year contract.
Joe Dumars, the Pistons' president of basketball operations, said shortly after the team was eliminated from the conference finals by the Cleveland Cavaliers that his top priority was re-signing Billups.
The 6-foot-3, 202-pound All-Star said he would prefer to stay with Detroit and expected to be back if the team could match any other team's best offer.
Billups, 30, who played with the Celtics, Denver, Orlando and Minnesota in his first four seasons, was selected the NBA Finals MVP in 2004 when Detroit won the championship. He was an All-Star in 2006 and 2007.
He averaged 17 points and 7.2 assists in 70 games last season and 14.5 points and 5.3 assists over his nine-year career. But Billups struggled in the playoffs each of the past two seasons, and averaged 15.3 points, 3.5 assists and 3.8 turnovers in the Eastern finals against the Cavs.