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Once celebrated as the Rockets' Franchise, the point guard will come back to Houston seeking a return to more than just his adopted hometown, where he began his NBA career.

Three seasons and three teams since the Rockets traded him, Francis signed a two-year deal Thursday. He was a three-time All-Star with the Rockets before getting traded to Orlando after the 2003-04 season.

"I think he sees this as a rebirth," Rockets general manager Daryl Morey said, "as a restart of his career."

Francis, the cornerstone of the Rockets' post-Hakeem Olajuwon rebuilding plans, passed on more lucrative offers from the Miami Heat, Dallas Mavericks and Los Angeles Clippers.

Dealt by the New York Knicks to the Portland Trail Blazers after the season, Francis accepted a buyout of the last two seasons of his contract, worth roughly $30 million, to become a free agent.

"It's a combination of a variety of factors, including the fit with the team, a comfortableness with the organization and a familiarity with the surroundings," Francis' agent Jeff Fried said. "He has a home in Houston. In so many ways, it has remained his home, despite some interim stops, Orlando and New York.

"For Steve, it's coming home."

The Rockets were limited to the portion of the mid-level exception remaining after acquiring forward Luis Scola last week. Francis' two-year contract is worth $2.4 million the first year. He can opt out after one season.

Francis, 30, played five seasons for the Rockets, averaging 19.3 points, 6.4 assists and 6.1 rebounds. He was traded in June of 2004 to the Magic along with Cuttino Mobley and Kelvin Cato in the deal to acquire Tracy McGrady. After one strong season with Orlando, he was dealt to the Knicks during the 2005-06 season and generally struggled to regain the form of his first years in the league. He usually came off the bench in the Knicks' crowded backcourt and battled knee troubles last season.

Morey said he had been told of no complications with Francis' physical Thursday afternoon.

"Steve has a sense we're real close," Morey said. "We think he can be a big part of getting us there. I always thought it was a long shot. Credit to Steve, he chose what he thought was the best chance to win over options that were better financially.

"There was always a chance that Steve would choose Houston. Until Steve told me himself he was coming, it felt like a long shot. Jeff Fried was doing a great job as an agent creating options. It came down to Steve focusing on what was the most important to him, and that was winning."

Alston accepting of move

The addition of Francis likely will trigger more changes. The Rockets currently have five point guards. Morey has said he is seeking to move John Lucas III.

Several teams, the New Orleans Hornets in particular, have indicated interest, but Morey said nothing is imminent. With Francis on the roster, he also could seek to deal Rafer Alston.

"It's a logjam," Alston said. "I've been a starter there for two years. We've picked up three point guards (Francis, Mike James and rookie Aaron Brooks) this summer. Obviously, they're trying to address that need and go in another direction.

"You can never get mad because a team decides to improve. It will be tough for myself and John and all of us that are point guards to see much playing time. I want the best thing for both. If me being starter and closer is the best thing and what Rick (Adelman) and Daryl Morey want, great. If that's not what they want, if they see something better, I hope they would do something that is also good for me."

Good sales pitch

Francis had been recruited by Adelman, Morey, former Rockets general manager Carroll Dawson, Yao Ming and McGrady. He had considered offers to reunite with Mobley, a friend and former teammate, and Sam Cassell, a friend and business partner, with the Clippers, and to play with each of the 2006 NBA Finals teams, the Mavericks and Heat.

"It's a chance to win," Morey said. "Both Yao and Tracy really helped with the recruiting process and are excited about our chance to win with the additions in the offseason. We're feeling good we've addressed a lot of our goals.

"When you have a chance to add a talent like Steve who really fits what coach is trying to do, you do it."