General manager Billy King said the Nets hope to sign Wallace to a long-term deal if he opts out of the final year of his contract, which he is expected to do. The Nets could also extend Wallace's contract before he hits free agency.
"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 Tuesday. "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."
The Nets acquired Wallace at the trade deadline in exchange for a package that includes a top-3 protected pick in the 2012 NBA Draft. Losing him to free agency would make the trade look like a poor decision in retrospect, but Wallace is among the players King wants to bring back next season in Brooklyn.
"There are guys that I want back. There are guys that I let know that probably wouldn't be back. Gerald Wallace and Deron Wallace are obviously key pieces we want back in the fold. Brook Lopez. There our major free agents," he said. "Then you add Humphries in there as our starting top 4. Those four I think are core pieces that you look to build with going forward. But it all comes down to negotiations."