Billups, 30, became a free agent July 1 by opting out of the final year of his six-year contract with Detroit. The Pistons didn't provide terms of the new agreement in a news release.

"We have said from Day 1 that re-signing Chauncey was our top priority of the offseason and we are excited that he will be a Piston for years to come," Joe Dumars, president of basketball operations for the Pistons, said in the release.

The Associated Press reported Billups was guaranteed $46 million over four years, with Detroit holding the option for a fifth season. Andy Miller, Billups's agent, didn't immediately return a message left at his office.