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

Citing “sources close to the process,” ESPN.com’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.

Reported by the Sports Xchange