Larry Bird has agreed to re-join the Indiana Pacers after a year of absence. The Hall of Famer will be introduced on Thursday as the team's president of basketball operations, a title he held with the team from 2003-2012.

"The year off gave me a chance to reflect, to rest, to take care of some health issues and it re-charged me," Bird said in a statement issued by the team.

Bird had previously won the NBA executive of the year award after the successful turnaround of the Pacers. Indiana took eventual the NBA champion Miami Heat to seven games during the Eastern Conference Finals before finally facing their elimination.

The former Celtics great met with the Sacramento Kings earlier this month to discuss the vacant general manager position. Over the past week, Bird attended the Pacers' draft workouts, leading many to speculate of his eventual return to the franchise.

Following Bird's appearance at Tuesday's draft workout, general manager Kevin Pritchard confirmed that the team was looking to bring back the NBA legend. Donnie Walsh, who took over in Bird's absence, will now work as a team consultant with Indiana.

The 72-year-old Walsh returned to the Pacers in 2012 after a tenure with the New York Knicks. He previously served as the team's general manager from 1987-2003.

Walsh claimed all along that the job still belonged to Bird if he so wished to return.

"He's ready and I couldn't be happier," Walsh said. "I had a great year last year with this team. It is a great group of guys who have the potential for some great things and to remain a part of this, with two people who I love to work with and respect greatly, is very special."