Washington Wizards President Ernie Grunfeld announced today that the team has signed guard Mustafa Shakur.

Shakur will be signed for the remainder of the season after being signed to two separate 10-day contracts earlier in the season (first on January 22 and then on February 12). He averaged 3.3 points and 2.2 assists in six games during that stretch.

Mike Bibby has agreed to a buyout of his entire 11-12 salary worth $6.2 million and will likely sign with the Heat after clearing waivers.

"He sacrificed some money in order to win a championship," said David Falk, Bibby's agent. "Once you're past 10, 11 years in the league, you want to be in a situation where you can win. He's got some attractive options open to him."

The Lakers, Celtics and Blazers are also interested in Bibby.

The Wizards and Mike Bibby have agreed to a buyout, which was formally announced by the team on Monday afternoon.

Marc J. Spears reports Bibby will give up his entire $6.2 million salary for the 11-12 season.

Bibby is expected to receive interest from the Heat, amongst other playoff contenders.

Mike Bibby has agreed to a buyout with the Wizards.

The Heat will pursue his services to upgrade the point guard position.

Carlos Arroyo has fallen out of the rotation and Mario Chalmers remains inconsistent.

The Wizards and Mike Bibby are discussing a possible buyout, according to a source.

Washington acquired Bibby in a multi-player trade with Atlanta on Thursday.

He watched the team's shootaround on Friday morning from the sidelines due to an apparent paperwork issue.

The Wizards may not have newly-acquired guard Mike Bibby on Friday night against the Heat.

Bibby still needs some paperwork to be completed following his trade from the Hawks on Thursday.

He was with the Wizards for their Friday morning shootaround practice, but only watched from the sideline.

The Wizards and Mike Bibby are discussing parameters of a possible buyout, according to a source.

Bibby would like to return to a contending team, though the Heat are one team that doesn't appear interested.

The Atlanta Hawks tonight acquired guard Kirk Hinrich and center/forward Hilton Armstrong from the Washington Wizards in exchange for Mike Bibby, Maurice Evans, Jordan Crawford and Atlanta's 2011 first round draft pick.

“We felt we had a good opportunity to improve our ballclub by adding Kirk and Hilton,” Sund said.

“Kirk is a well-rounded player that gives us options at both guard positions. In addition to being a solid and hard-nosed defender, he is a good shooter who can also distribute the ball. His resume includes significant playoff experience as well. Hilton can play both center and power forward, and will add frontcourt depth.”

The Hawks have acquired Kirk Hinrich and Hilton Armstrong, according to sources.

Mike Bibby, Mo Evans, Jordan Crawford and Atlanta's 2011 first round pick will go to the Wizards in return.

The Hawks and Wizards are closing in on a multi-player trade that would send Kirk Hinrich to Atlanta, according to a source.

Hinrich was traded from the Bulls to Washington in a move to free up salary cap space last offseason. He is signed through the 2012 season.

Ken Berger of CBS Sports is reporting that the Hawks may send Jamal Crawford to the Wizards in the deal. Crawford has an expiring contract.

A one-for-one trade involving Hinrich and Crawford is possible, per RealGM's Trade Checker.