[Note by your friendly BullsBlogger, 09/13/11 9:41 PM CDT: Woj reports that the deal is done, Smith can return in March after Chinese Basketball Association season is over -ed. ]

Looks like we're scratching JR Smith off the SG wish list...

Denver Nuggets free-agent guard J.R. Smith(notes) is nearing an agreement on the richest contract in China Basketball Association history, sources told Yahoo! Sports.

Under terms of the deal, Smith would make more than $3 million to play the 2011-12 season with Shanxi, but lose his chance at unrestricted free agency prior to the start of the NBA season. Smith, who turns 26 Friday, has averaged 12.5 points per game in his seven-year NBA career.

Under league rules, the China Basketball Association is no longer signing NBA players who want opt-out clauses to return to the NBA prior to the end of the China season. China’s season runs through March.

NOOOOOOOOOOOOOOOOOO!!!

* Figure I'd submit it as a FanPost.