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The framework of the contract will be a straight five-year deal with no options, Bartelstein said.
Beal, the No. 3 overall pick in the 2012 draft, has evolved into one of the best young shooting guards in the NBA and cements a backcourt with All-Star John Wall that is among the league’s elite.
The Wizards and Beal will likely wait for the organization to explore free-agency options before signing the agreement, sources said. The Wizards are expected to have roughly $25 million in salary cap space for free agency and continuing with Beal’s $14 million cap hold will allow them to have more space.
Beal averaged 17.4 points for the Wizards in 2015-16.