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Report: Wizards, John Wall nearing contract extension

The Wizards are set to pay John Wall $80 million over 5 years. (Bruce Bennett/Getty Images) The Washington Wizards are set to pay John Wall $80 million over 5 years. (Bruce Bennett/Getty Images)

The Washington Wizards and point guard John Wall are nearing a contract extension that could be worth $80 million over five years, reports Yahoo! Sports.

The team needs to make Wall their designated franchise player to allow him to receive an additional year on the extension. The report says the team plans to do so.

Wall was the No. 1 overall selection in the 2010 NBA draft and missed last season's first 33 games with a knee injury. He ended up averaging 18.5 points and 7.6 assists when he returned to the floor.

More from Yahoo!:

The Wizards and Wall's agent, Dan Fegan, have until Oct. 31 to complete an agreement on the rookie extension for Wall to avoid restricted free agency next summer, but are moving swiftly to reach a deal.

There's strong belief on both sides that an agreement will be reached soon, but there are still contractual details and terms that need to be agreed upon before it can be formalized, league sources said.

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