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Reports: Wizards working on five-year, $80 million extension for John Wall

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If the Washington Wizards have their way, star guard John Wall will not be going anywhere anytime soon.

Citing "sources close to the process,"'s Marc Stein reported that the Wizards are in "advanced talks" to sign Wall to a five-year, $80 million contract extension. The same report claimed both the team and Wall hope to have an agreement completed and signed by August 1.

Wall, 22, must sign an extension by Oct. 31 declaring him a designated franchise player. Otherwise, he'd become a restricted free agent on July 1, 2014.

Wall is taking part in this week's USA Basketball minicamp in Las Vegas. He's one of 28 players competing for spots on the 2014 team that will play in the FIBA World Cup in Spain, as well as the 2016 Summer Olympics in Brazil.

Wall was sidelined for the first 33 games of the 2012-13 season after having knee surgery, before returning in January to average 18.5 points, 7.6 assists and 4.0 rebounds per game. He also averaged an NBA career-high 44.1 percent shooting from the field.

Wall was the No. 1 pick in the 2010 NBA draft.

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