Report: Nets And Blazers Working On A Deal For Gerald Wallace

The Nets and the Trail Blazers are close to a deal that would send Gerald Wallace to New Jersey, according to Adrian Wojnarowski of Yahoo! Sports.

It was reported earlier this year that Wallace would not sign a contract extension with the Blazers until after the season, as a result of the limitations within the new collective bargaining agreement.

Wallace, 29, is technically under contract with Portland through the 2012-13 season, but he has the option to opt-out of the final year of his deal that would pay him $11.4 million. Under the current collective bargaining agreement, if Wallace were to sign an extension with the club he would only be able to add two years to his current contract. If he opts out of his deal and becomes a free-agent, he can re-sign with Portland for as many as four seasons.

In 42 games this season, Wallace has averaged 13.3 points and 6.6 rebounds per game.