Lithuanian guard Renaldas Seibutis has signed a new three-year contract at Olympiacos.
The 1.96m shooting guard, who shot to fame when leading his country to a gold medal at the FIBA U21 World Championship in Argentina two years ago, was drafted in the second round by the Dallas Mavericks last week but a move to America will not happen anytime soon.
The Greek giants have announced on their website: "OLYMPIACOS BC hereby announces the return of player Renaldas Seibutis to the team and the signing of his new contract with the Reds for three years.
"Seibutis will stay on the team until 2010 and holds the right to buy out only for the NBA and not for any other European club."
After his MVP performance in Argentina in 2005, Seibutis, now 21, played for Olympiacos.
He then linked up with Maroussi for the 2006-07 campaign and played in the EuroCup.
At Olympiacos, he will play for former Maccabi Tel Aviv boss Pini Gershon.
Big things are expected of him in Athens, and in Dallas.
Dallas general manager Donnie Nelson, an assistant coach with the Lithuanian national team in recent seasons, said after selecting him: "We look at Seibutis as a player on the upswing.
"We hope to develop him possibly overseas next year and then look for him to make an impact after that. We think he has tremendous potential with the ability to play both guard spots."
Seibutis is not on Lithuania's 18-man preliminary squad for the EuroBasket.