The Brooklyn Nets reached a verbal commitment with swingman Gerald Wallace on a four-year deal worth $40 million, according to sources close to the process.

The Nets have been openly confident in their ability to re-sign Wallace, who opted out of the final year of his contract last month with the intent of staying with the Nets.

No new contracts in the NBA can be officially signed until July 11, but sources told ESPN.com that Wallace — originally expected to land a three-year deal worth $24 million — will instead land the four-year deal.

Wallace opted out of the $9.5 million he was originally scheduled to earn in 2012-13 on June 15 to proceed to free agency.

via Marc Stein of ESPN