Deal: Reportedly six years, $60M
Camby was Denver's top offseason priority after he opted out of his contract at the end of last season. He agreed to terms two weeks ago, but the final details weren't worked out until the Nuggets completed the sign-and-trade deal for Martin with New Jersey.
Terms of Camby's deal were not released, but previous reports placed the deal in the six-year range for between $50 million and $60 million.
"Marcus has been a big part of our success here," Nuggets general manager Kiki Vandeweghe said. "We are extremely excited he is going to be a big part of our future."
Plagued by injury problems for most of his eight-year career, Camby had his best season last year.
Playing in a career-high 72 games, Camby averaged 8.6 points, 10.1 rebounds and was fifth in the league with 2.6 blocked shots to help the Nuggets reach the playoffs for the first time in nine years.
In four playoff games against Minnesota, Camby's averages increased to 12.6 points and 11.4 rebounds, and he played a key role in slowing league MVP Kevin Garnett.
Camby will join Martin, second-year player Carmelo Anthony and Brazilian power forward Nene in what could be one of the league's best frontcourt rotations.
Information from The Associated Press was used in this report.