According to a league source familiar with the situation, Wizards President Ernie Grunfeld plans on soon offering Arenas a lucrative long-term contract, one that could cover up to six years and could be worth more than $100 million.

However, whether Grunfeld and the Wizards are willing to meet the three-time all star guard's wish for a maximum-level contract -- one that would cover six years and pay him over $124 million -- remains unclear.