Memphis, TN (Best E Casino) - Memphis Grizzlies guard Juan Carlos Navarro signed a five-year contract agreeing to return to F.C. Barcelona in his native Spain Thursday, ending his tenure with the team, and the NBA, at one season.

Navarro previously played for Barcelona from 1997-2007, winning four ACB Spanish League championships and was named the regular season MVP in 2006. The Spaniard helped his home country to a win at the 2006 World Championship and is on the national team for the upcoming Olympics in Beijing.

The 28-year-old completed his rookie campaign averaging 10.6 points, 2.6 rebounds and 2.2 assists per game, appearing in all 82 contests with 30 starts for the Grizzlies this past season. Navarro was named an NBA All-Rookie second-teamer and fell just two three-pointers shy of equaling the NBA record for a rookie with 156.

Memphis Grizzlies General Manager and Vice President of Basketball Operations Chris Wallace released a statement regarding Navarro.

"Juan Carlos Navarro has decided to rejoin his former team, F.C. Barcelona," said Wallace. "As of late Tuesday, Juan Carlos' intention was to test the NBA free agent waters come July. However, on Wednesday he received the proverbial offer he could not refuse from his old team. We plan on extending a qualifying offer to Juan Carlos so that the Grizzlies retain the right to match any future offer if he ever decides to return to the NBA. Juan Carlos made a positive contribution to the team and we wish him and his family all the best in his return to his homeland."