Report: Wallace agrees to return to Nets

The Brooklyn Nets have reportedly agreed to a new contract with forward Gerald Wallace.

According to the New York Post, Wallace will sign a four-year, $40 million deal when the moratorium period ends July 11.

Wallace was acquired from Portland last March 15 in exchange for center Mehmet Okur, forward Shawne Williams and a 2012 first-round draft pick. He averaged 15.2 points and 6.8 rebounds in 16 games with the Nets.

The 11-year veteran from Alabama has averaged 13.5 points and 6.3 rebounds in 673 NBA games for the Nets, Trail Blazers, Bobcats and Kings.