Sources: John Wall deal in works

LAS VEGAS -- The Washington Wizards are in advanced talks with star point guard John Wall on a contract extension expected to be in the five-year, $80 million range, according to sources close to the process.

Sources told ESPN.com that the sides are closing in on the final terms and are on course to have a signed agreement by Aug. 1.

Wall is in Las Vegas this week as part of USA Basketball's minicamp featuring 28 players vying for spots on the 2014 squad that will participate in the FIBA World Cup in Spain, as well as the 2016 Olympics in Brazil.

Wall is eligible to sign an extension until Oct. 31. He'd become a restricted free agent without a deal by that deadline on July 1, 2014.

Although Wall missed nearly half of the 2012-13 season after knee surgery, his strong recovery during Washington's final 49 games and solid connection with fellow young guard Bradley Beal has convinced Wizards management that the former Kentucky star is worthy of a franchise-player contract.

Wall averaged 18.5 points, 7.6 assists and 4.0 reounds after his January return while shooting a career-best 44.1 percent from the field.