Blazers president of basketball operations Neil Olshey and Billups’ agent, Andy Miller of Klutch Sports, finalized the contract terms on Sunday, sources said.
Before making a formal offer on Friday night, the Blazers continued investigating a 1997 rape allegation against Billups, sources said.
Billups encouraged the examination, sources said, and his answers in several conversations with Blazers officials aligned with findings from an independent investigation, sources said.
The Clippers credit Billups for his success in working with All-Star Paul George to advance his playmaking skills this season.
“Portland is a special place and a unique franchise,” Billups said in a statement.
Portland plans to be aggressive in surrounding Billups, who served one season as a Clippers assistant, with an experienced coaching staff.