Swingman Gerald Wallace reportedly has agreed to a four-year, $40 million contract with the Brooklyn Nets on Sunday.
The deal, reported by ESPN.com, came after Wallace opted out of his $9.5 million player option for the 2012-13 season.
The NBA free agency negotiating period began Sunday. Contracts cannot be signed until July 11.
Wallace was acquired from the Portland Trail Blazers for the Nets' first-round draft pick at the trading deadline. He averaged 13.8 points and 6.7 rebounds a game last season.
The Nets focus now turns to free agent point guard Deron Williams, who has said his will pick between the Nets and the Dallas Mavericks.