Former NBA superstar Tracy McGrady is finalizing a one-year contract with a Chinese basketball club, Yahoo Sports reported on Monday.

The 33-year-old will likely complete the deal with the Qingdao Eagles in days, and could arrive in one or two weeks, the report said, quoting sources.

Tracy McGrady, former NBA superstar, reacts during his visit to Hefei, East China's Anhui province, Aug 27, 2011. [Photo/CFP]

Sheng Xishun, manager of the club, confirmed the news to multiple media outlets on Tuesday morning, and revealed that McGrady will agree to the signing by Wednesday.

"Qingdao chooses McGrady for two reasons. One is that we hope he can help improve the team. The other is to take advantage of his influence to promote the team and the whole group," said Sheng in a Tencent Sports interview.

Sheng also revealed the signing was inspired by what Stephon Marbury and his Beijing Ducks accomplished last season, as the 35-year-old veteran led the Ducks to their first league title ever.

"We will try best to help McGrady adjust to life in the Chinese Basketball Association and extend his career as a player. We hope he can continue to play for Qingdao next year and make the team a championship contender."

In what could be the biggest signing in the history of CBA, McGrady recently partnered with a local brewery company for a beer commercial (click to watch).

McGrady played 15 seasons in the NBA. The 6'8'' forward rose to fame in his four-year stint with Orlando Magic, where he became an All-Star and bagged two scoring championships. He is highly popular in China after teaming up with Yao Ming in the Houston Rockets from 2005 to 2010.

Last season, he played 52 games with the Atlanta Hawks, averaging a career-low of 5.3 points in 16 minutes. He did not secure a guaranteed NBA contract and failed a couple of training camps in the US.