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The re-signing of Gay is a top priority for the Kings. Team management and Gay's agent, Alex Saratsis of Octagon, are expected to re-engage discussions in the near future, sources said.
After July 1, the Kings and Gay will be able to negotiate a full four-year contract extension. Gay has been in constant contact with Kings management, and has been impressed with new owner Vivek Ranadive's commitment to constructing a contender, sources said.
The Kings consider Gay a cornerstone of the franchise's future and prolonging the process on extension discussions gives him a chance to further evaluate the team's progress on improving the roster before he fully commits to a deal. If Gay is unable to complete an extension in the next year, he'll become an unrestricted free agent in the summer of 2015.
Sacramento traded for Gay as part of a seven-player deal with Toronto in February. The Kings were 28-54 last season.
After joining the Kings, Gay averaged 20.1 points on 48.2 percent shooting. In eight seasons with Memphis, Toronto and Sacramento, Gay has averaged 18.2 points and 5.8 rebounds.
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