Tel Aviv, Israel -- (Sports Network) - Carlos Arroyo, who spent the last two seasons with the Orlando Magic, has signed a one-year contract with Maccabi Tel Aviv.

The deal also includes an option for two more years.

"I'm very happy we've completed this signing," Maccabi coach Effi Birnboim told the club's Web site. "Arroyo is a player of the highest standard and has been our top priority for a while. Luckily for me, Maccabi's management agreed to sign him despite the huge costs. This is exactly the player we need. He's a great basketball player as well as being a great leader."

The 29-year-old Arroyo averaged 6.9 points and 3.5 assists for the Magic last season.

Over seven NBA seasons, the Puerto Rico native has averaged 7.0 points and 3.3 assists in stints with Toronto, Denver, Utah, Detroit and Orlando.

Arroyo is just the latest accomplished NBA player to take a lucrative offer overseas. Former Atlanta Hawks forward Josh Childress announced last month that he was leaving the NBA for the Greek club Olympiakos, while Nenad Krstic left the New Jersey Nets and Carlos Delfino and Jorge Garbajosa exited Toronto to sign with Russian teams.