According to information from both ESPN and AP, the contract will last four years and be worth almost 590 million kronor.
Larsson averaged 11.4 points per game for Miami last season and has one year left on his current contract.
During the summer, the 25-year-old played in World Cup qualifiers with Sweden, where he helped lead the blue and yellow team to victory against Finland and an impressive performance against Olympic silver medalists France.
