Contrary to reports in Spain, Mavs guard Rudy Fernandez has not yet reached an agreement with Real Madrid, one source told HoopsHype.

"The negotiations are very advanced, but it's not done yet," the source said. "It will likely be announced later this week, but at this point it's not finished."

Under the terms of the discussed deal, Fernandez would have an out clause that would allow him to join the Mavericks once the lockout is over. Although the deal with Real Madrid would be for multiple years, that doesn't necessarily mean Fernandez's stay in Dallas will be over after this season, the source said.

"Rudy is very committed to Dallas," according to the source. "The contract he's about to sign means that Real Madrid is his choice in Europe if he chooses to stay in Europe, but he's not closing the door on a future in the NBA with Dallas after this year."

The 6-foot-5 Fernandez, who will play at the Eurobasket with defending champion Spain, averaged 8.6 ppg, 2.5 apg and 1.1 spg mostly in a reserve role with Portland last season.