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According to Michael Lee, the NBA will announce later today that Gilbert Arenas has been suspended for the rest of the NBA season. 

Lee reports that Arenas was actually the one to suggest his punishment, and Stern agreed with Arenas' judgement.  The NBA Players Association doesn't plan on fighting the decision.

At the end of the day, this is pretty much what was expected.  I don't really have a problem with it and I'm personally happy that Arenas wasn't suspended for any longer.  It speaks volumes that Arenas went ahead and suggested this punishment.  Perhaps Stern told Arenas to do this as a way to see how remorseful he was.  Perhaps Arenas legitimately worried he'd be suspended for longer.  Either way, it gives you an idea how seriously everyone now takes this.

We'll have much more as it happens here.

UPDATE: More from Lee:

The same source said that during the meeting, Arenas asked Stern about the possibility of having the remaining four years of his six-year $111 million contract voided, to which Stern replied, "That would be left up to the team." He also informed Arenas that members of the Wizards organization had yet made an inquiry about voiding his contract to the NBA's legal department.    

UPDATE: Via Adrian Wojnarowski:

Stern had been considering two suspension scenarios for the former All-Star: the remainder of this season or a full 82-game ban that would extend into next season. League sources said Stern gave Arenas the chance to take the shorter suspension if he pledged not to appeal it.    

Wojnarowski reports that Javaris Crittenton is expected to receive "a similar punishment."

UPDATE: Via Wojnarowski's Twitter:

Union negotiated rest of season vs full 82 game ban with Stern over past week, well before Arenas walked into NBA office today, sources say.

Arenas understood that if he didn't agree to rest of season suspension, Stern could've well gone for 82 game banishment into next year.    

UPDATE: Ken Berger on the void possibility.

Arenas, whose relationship with most members of the Wizards' hierarchy is fractured, has been concerned that the team would seek to void the remaining four years and $81 million on his contract. The team has, to this point, shown no inclination to take such a drastic step, which would face a formidable legal challenge. In his initial suspension letter to Arenas when he suspended him indefinitely on Jan. 7, Stern said his punishment was irrespective of any discipline the team chose to impose. But the collective bargaining agreement contains strong language protecting players from being sanctioned by the league and their team for the same offense.

UPDATE: Poll added.

UPDATE: According to Howard Beck, Javaris Crittenton has also been suspended for the season.  Full statement coming.

UPDATE: Stern's statement, via Beck.

The issue here is not about the legal ownership and possession of guns, either in one's home or elsewhere. It is about possession of guns in the NBA workplace, which will not be tolerated. Both have expressed remorse for their actions and an understanding of the seriousness of their transgressions. Both have volunteered to engage in community service to turn the lessons they have learned into an educational message for others. I accept fully the sincerity of their expressions of regret and intent to create something positive from this incident. 

Also, to track this story from start to finish, check out SBNation.com's massive story stream.

UPDATE: Here's the Wizards' statement, via my inbox:

The NBA announced today that they have suspended Gilbert Arenas and Javaris Crittenton for the remainder of the season.  We understand and fully support their decision. 

Both players violated D.C. laws and NBA rules by bringing guns into the locker room.  Their poor judgment has also violated the trust of our fans and stands in contrast to everything Abe Pollin stood for throughout his life.  It is widely known that Mr. Pollin took the extraordinary step of changing the team name from "Bullets" to "Wizards" in 1997 precisely to express his abhorrence of gun violence in our community.  We hope that this negative situation can produce something positive by serving as a reminder that gun violence is a serious issue.

We look forward to putting this unfortunate incident behind us and once again focusing our full attention on playing exciting basketball in front of our great fans at Verizon Center.

Ernie Grunfeld, President, Washington Wizards

Irene Pollin, Principal Owner, Washington Sports and Entertainment (WSE)

Robert Pollin, Chief Executive Officer, WSE

James Pollin, President, WSE

Ernie's going to speak to the media today at 6 before the Caps game.  I can't attend, but it'll be streaming live on WashingtonWizards.com.

UPDATE: Stern's full statement is here.

UPDATE: Stern's speaking on the matter here.