A person familiar with the talks says the Sacramento Kings and guard Jimmer Fredette are working on a buyout of his contract.

The person, who spoke on condition of anonymity Tuesday because talks were ongoing, says the sides hoped to finalize an agreement by the end of the week. Fredette would be a free agent if he clears waivers.

Yahoo Sports first reported the negotiations.

The Kings drafted Fredette with the 10th pick in 2011 after a sensational run at BYU, where he won The Associated Press' player of the year award his senior season. Fredette never lived up to the fanfare in Sacramento, though the franchise's turmoil — and playing for three different coaches — didn't help his cause.

Fredette is averaging 5.9 points and 11.3 minutes this season.