Agent Mark Bartelstein said that waiting until the summer, when Beal will be a restricted free agent, is a decision that "makes better sense for both sides."
"I've talked with [Wizards president] Ernie [Grunfeld] since July," Bartelstein told CSNMidAtlantic.com. "We decided it was best to wait when it makes better sense for both sides."
Bartelstein told the website that it was a "mutual decision" between the sides.
Sources told ESPN's Marc Stein that the Wizards have been consistent in their message to Beal that they see him as an integral part of their future but want to hold off on re-signing him until next summer because the delay will create additional salary-cap space.
Beal, 22, was the third overall pick in the 2012 draft and has gotten off to an outstanding start this season, averaging 25.3 points over Washington's first three games.
The window for 2012 first-round picks to sign contract extensions during the fourth and final year of their rookie contracts is Monday night at midnight ET.
ESPN.com's Marc Stein contributed to this report.