Suns Will Re-Sign Hill, Extend Nash

The Suns sure are taking an interesting approach to "rebuilding." Instead of dismantling the team and starting from scratch, Phoenix is making moves to keep the team's two eldest players in place.

Grant Hill, who turns 37 years old in October, turned down a more lucrative offer from the Knicks and a chance to compete for a title with the Celtics for a two-year deal to stay with the Suns. His agent, Lon Babby, confirmed the news on Friday, revealing that Hill will make $3 million in 2009-10 and that the second year was a player option.

Team owner Robert Sarver made an announcement of his own on Friday, indicating that negotiations with Steve Nash, 35, regarding a two-year extension are "progressing," according to the East Valley Tribune. Assuming a deal is eventually reached, Nash will be 38 years old by the time his contract ends in 2012.

Hill's decision to re-sign with the Suns was a bit of a surprise, especially after the Knicks offered him his choice of a one-year, $5 million contract or a three-year, $10 million contract to reunite with Mike D'Antoni and help change the team's culture.

Re-locating to the media capital of the world also would have been beneficial for the career of his wife, R&B recording artist Tamia, which was believed to be a major factor in his decision.

Now that Hill and Nash have apparently solidified their future in Phoenix, it'll be interesting to see what happens to Amar'e Stoudemire, especially considering the team was above the luxury tax threshold even before they re-signed Hill.

Stoudemire can be a free agent next summer and was involved in trade rumors for much of last season and the summer. If the team keeps the roster intact, they might be able to compete for a playoff spot but are likely still a few pieces away from seriously challenging for a title.