Allen re-signs for Celtics

Terms of Allen's deal were not disclosed by the team, but the Boston Globe reported the 34-year-old signed a two-year contract worth $20 million.

"Re-signing Ray has been a priority of ours this off-season and this move will allow us to stay at a championship level," Celtics president Danny Ainge said in a statement.

Allen, who won an NBA championship with Boston in 2008, set an NBA Finals record during Game Two this year when he drained eight three-pointers. The Celtics went on to lose the finals to the Los Angeles Lakers in seven games.

"I am ecstatic to be back in Boston," Allen said. "I cannot wait to get onto the court and get back to work with the rest of the team in pursuit of (championship) Banner 18."

Allen, who turns 35 next week, is second all-time in the NBA in three-pointers attempted and made. He was second on the Celtics in average points per game during regular season and playoffs last season.