Washington, DC -- (Sports Network) - The Washington Wizards re-signed star guard Gilbert Arenas on Sunday.

Terms were not disclosed but the Washington Post previously reported that Arenas agreed to a six-year, $111-million contract with the club.

"Today is a great day for the Wizards organization," team president Ernie Grunfeld said. "Gilbert is a phenomenal player and his value to the franchise goes beyond what he brings to the court. We're proud and excited that we were able to take care of our own free agents and open the 2008-09 season with a healthy core intact."

A three-time All-Star, Arenas played the first eight games of the season for the Wizards before needing surgery to repair a torn meniscus in his left knee, the same knee that required surgery in the offseason.

He returned April 2 after missing 66 games during the regular season, but continual problems with his surgically repaired knee forced him to end his season following the Wizards' 100-97 loss to Cleveland in Game 4 of their Eastern Conference quarterfinal series.

"I'd like to thank Mr. Pollin, Ernie Grunfeld, the entire Wizards organization and, most importantly, the fans for their support and their commitment to building a championship team," said Arenas. "I think with the players we have on this roster, we can compete with anyone in the NBA and I look forward to returning to the court next season on a mission to deliver a championship banner to Washington D.C."

In seven NBA seasons, the 26-year-old Arizona product owns career averages of 22.8 points, 5.5 assists and 4.2 rebounds per game.