UPDATE (July 7, 5:19 p.m.): The Warriors made it official, and re-signed Kevon Looney to a one-year contract. The original story is as follows.
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Kevon Looney isn't going anywhere.
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The free-agent big man agreed to return to the Warriors on a one-year deal, according to ESPN's Chris Haynes.
The deal is reportedly worth the minimum, which is $1,567,007 for a player with three years of NBA experience.
Back in October, the Warriors declined Looney's fourth year option, which was worth $2,227,081.
Looney -- the 30th pick in the 2015 draft -- was limited to just five games as a rookie and 53 games in Year 2 because of hip issues.
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Last season, he appeared in 66 games -- averaging 4.0 points and 3.3 rebounds over 13.8 minutes per contest.
He was even better in the Western Conference Playoffs -- 4.5 points and 4.9 rebounds in 20.5 minutes per game.
Looney is just 22 years old.
Drew Shiller is the co-host of Warriors Outsiders. Follow him on Twitter @DrewShiller