DALLAS (CBSDFW.COM) — Though simply a formality, the Dallas Mavericks have re-signed 12-time All Star forward Dirk Nowitzki to a three-year deal.

The terms of the deal were not disclosed, though ESPN places the value of the deal at $25 million.

Last season, Nowitzki made $22.7 million.

Nowitzki’s significant paycut allowed the team to pursue free agent Chandler Parsons and absorb the contract of center Tyson Chandler, who was acquired via trade.

Chandler has one-year and $14.5 million left on his contract, the one he signed when he left Dallas for New York in 2011.

Parsons finalized a three-year, $46 million deal this week.

Last season, Nowitzki moved into the Top 10 of the NBA’s all-time scoring list, passing the likes of Oscar Robertson, Dominique Wilkins, Alex English, Reggie Miller and Jerry West.

The career Maverick holds averages of 22.5 points, 8.1 rebounds, 2.6 assists and 35.9 minutes in 1188 career games (1157 starts) and holds the franchise’s top-spot in several categories including points, rebounds, field goals, three-point field goals, free throws, games, starts and minutes.

Marc Stein reports that the Houston Rockets and Los Angeles Lakers both contacted Nowitzki and offered max deals, but Nowitzki declined.

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