Pelicans sign Norris Cole to one-year qualifying offer

Norris Cole has signed a $3.03 million, one-year qualifying offer with the New Orleans Pelicans, a source told ESPN's Brian Windhorst on Wednesday.

The deal, which will have a no-trade clause, sets the stage for the 6-foot-2 Cole to become an unrestricted free agent after this season.

The 26-year-old guard joined the Pelicans from Miami in February in a three-way deal with the Heat and Phoenix Suns that also brought forward Shawne Williams and center Justin Hamilton to New Orleans.

Cole was on Miami's 2012 and 2013 NBA title teams and went to the NBA Finals in each of his first three pro seasons.