Gerald Wallace

The Nets plan to sign Gerald Wallace to a multi-year deal in free agency or an extension, according to GM Billy King.

“Obviously he’s a big part of it and his reality being 30 years old, this is probably going to be one his last chances to get a big contract before he gets beyond that,” King said today. “So our goal is try to get him where he’s comfortable with the numbers, we’re comfortable with the numbers, and we keep him in the fold.”

Wallace has to make a decision on his one-year player option worth $9.5 million by June 15. At any time, the Nets can sign him to an extension of up to two years on top of the one-year player option. The extension could be no greater or less per year than 7 percent of $9.5 million. So we’re looking at having Wallace locked up somewhere in the ballpark of three years, $29 million.

That would avoid Wallace going to free agency, but obviously at a steep price. If the Nets lose Wallace, they essentially traded a first-round pick for 16 meaningless games with the Nets.

– Reported by Stefan Bondy of the New York Daily News Blog