Nuggets sign Gallinari to extension

The Denver Nuggets have reached agreement with Danilo Gallinari on a four-year, $42 million contract extension, league sources told Yahoo! Sports.

The agreement comes before the NBA’s deadline for completing contract extensions for players in the draft class of 2008.

Gallinari, 23, has emerged as one of the league’s promising young forwards, and has blossomed with the Nuggets since New York traded him as part of the Carmelo Anthony package in February. He’s averaging career bests of 17 points and 46 percent shooting this season.

The Nuggets re-signed center Nene to a five-year extension, and are expected to sign restricted free-agent forward Wilson Chandler to an extension once he returns from the China Basketball Association in March. The Nuggets have enjoyed a terrific start to the season at 12-5, the second-best record in the Western Conference.

CBS Sports first reported Gallinari’s agreement.

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Updated Wednesday, Jan 25, 2012