John Wall nearing deal extension with Wizards

The Washington Wizards have made significant progress toward completing a five-year, $80 million maximum contract extension for guard John Wall, league sources told Yahoo! Sports. The Wizards will make Wall their designated franchise player, allowing him to get the fifth year on the extension, sources said.

The Wizards and Wall's agent, Dan Fegan, have until Oct. 31 to complete an agreement on the rookie extension for Wall to avoid restricted free agency next summer, but are moving swiftly to reach a deal.

There's strong belief on both sides that an agreement will be reached soon, but there are still contractual details and terms that need to be agreed upon before it can be formalized, league sources said.