Sixers‘ GM Ed Stefanski announced Wednesday that the team has agreed to terms with their former number one pick, Allen Iverson. The deal is reportedly a non-guaranteed prorated contract for the league minimum, meaning the Sixers would owe Iverson approximately $600,000 and would be free to cut him before January without being responsible for the remainder of his contract.

Iverson, agent Leon Rose, and his personal manager, Gary Moore met with Stefanski, assistant GM Tony DiLeo, coach Eddie Jordan and assistant coach and former teammate Aaron McKie on Monday to discuss the possibility of his return.

Stefanski and Rose met again on Tuesday.

Comcast-Spectacor chairman Ed Snider gave his approval for the deal on Monday, saying that the final decision was up to Stefanski and the basketball operations people.

The Sixers, losers of seven straight, are in desparate need of a pick-me-up. Point guard Lou Williams will be sidelined another seven weeks with a broken jaw. Starting in his place is rookie Jrue Holiday. They have the second worst attendance in the league.

“In light of the recent injury to Lou Williams, which will sideline him for close to eight weeks, we felt that Allen was the best available free agent guard to help us at this time,” said Stefanski in a statement released by the team.

Iverson would, at the very least, provide the Sixers with an increase in attendance and fan interest. It does not seem likely that by signing him they could get worse as a team. It will allow Iverson to retire with the Sixers, the team that made him the superstar he once was.  The way I see it, it’s a win-win for both sides.

Iverson will make his debut Monday night at home against the team the Sixers originally traded him to, the Denver Nuggets.