The Vertical is reporting that the Indiana Pacers are working on a deal to bring back Lance Stephenson after they officially waived Rodney Stuckey earlier today.

Stephenson, who famously declined a 5-year, $44 million deal with the Pacers when hit free agency just a few seasons ago, has played for five teams in the past three seasons: the Hornets, Clippers, Grizzlies, Pelicans and Timberwolves.

Update: Now official, Pacers signing Lance to a 3-year deal.

Pacers get a wing for just $4 million for rest of this season and the next. Then if it works out, Pacers can keep Stephenson around for another year on a very cheap contract by utilizing his team option.

The fit is questionable as the Pacers replace one ball dominant guard with another, but Stephenson will bring energy and the crowd at Banker’s Life will be happy to see a fan favorite back on the court.

Stephenson should provide more defensive ability than Stuckey ever did as well. Stephenson likely won’t provide the Pacers will much outside shooting that they need as he’s only taken 12 shots from 3-point range this season and has hit just one.