Nets, Gerald Wallace agree to deal

Updated: July 2, 2012, 6:59 PM ET
By Marc Stein | ESPN.com

The Brooklyn Nets reached a verbal commitment with swingman Gerald Wallace on a four-year deal worth $40 million, according to sources close to the process.

The Nets have been openly confident in their ability to re-sign Wallace, who opted out of the final year of his contract last month with the intent of staying with the Nets.

No new contracts in the NBA can be officially signed until July 11, but sources told ESPN.com that Wallace -- originally expected to land a three-year deal worth $24 million -- will instead land the four-year deal.

Wallace opted out of the $9.5 million he was originally scheduled to earn in 2012-13 on June 15 to proceed to free agency.

The Nets paid a high price to acquire Wallace from Portland during the season in hopes of upgrading the roster to convince marquee free agent Deron Williams to commit to the team long term, sending the Blazers their top pick in this year's draft with only top-three protection attached. When Brooklyn finished sixth in the May lottery, Portland took control of the pick and drafted Weber State point guard Damian Lillard.

ESPN The Magazine's Chris Broussard contributed to this report.

Marc Stein | email

Senior Writer, ESPN.com
• Senior NBA writer for ESPN.com
• Began covering the NBA in 1993-94
• Also covered soccer, tennis and the Olympics

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