OCTOBER 15TH, 8:22am: The Qingdao Double Star Eagles held a press conference over the weekend to formally announce McGrady's signing and present a copy of the contract, complete with T-Mac's signature, says Jon Pastuszek of NiuBBall.com.
According to Pastuszek, McGrady is expected to arrive in China on October 24th, and Qingdao is hoping to keep the two-time NBA scoring champ on its roster for multiple years.
OCTOBER 9TH, 6:17pm: Yahoo! Sports' Adrian Wojnarowski reports that McGrady has officially signed his contract with Qingdao.
8:54am: Qingdao manager Sheng Xishun confirmed the signing and said that it should be made official by tomorrow, writes Yan Weijue of China Daily. Sheng went on to say that the deal was inspired by what Stephon Marbury and his Beijing Ducks accomplished last season, as he led the team to their first league title in two decades.
OCTOBER 8TH, 6:36pm: Two-time NBA scoring champion Tracy McGrady is currently finalizing a one-year contract with Qingdao of the Chinese Basketball Association, reports Yahoo! NBA reporter Adrian Wojnarowski. McGrady is expected to complete the deal in the next few days, and will head to China at some point in the next few weeks.
After spending the last few seasons in miniscule roles—relative to where he's been throughout his illustrious career—with the Pistons and Hawks, McGrady tried out for several teams (including the Spurs and Knicks) in the past month, but no franchise could guarantee him a contract. McGrady hasn't averaged double digits in scoring since 2008/09, and was last an All-Star in 2006/07. He is 33 years old.