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Nets’ Gerald Wallace Reportedly Opts Out Of Contract, Becomes Unrestricted Free Agent

Gerald Wallace #45 of the New Jersey Nets dunks against the Milwaukee Bucks. (Photo by Gary Dineen/NBAE via Getty Images)

Gerald Wallace #45 of the New Jersey Nets dunks against the Milwaukee Bucks. (Photo by Gary Dineen/NBAE via Getty Images)

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NEW YORK, N.Y. (CBSNewYork) - Brooklyn Nets small forward Gerald Wallace has decided to opt out of the final year of his contract, multiple reports said on Thursday.

The 29-year-old had until midnight on Wednesday to make a decision on his $9.5 million player option for the upcoming season.

If the reports are accurate, the former first-round pick is now an unrestricted free agent. He previously said that he wouldn’t play on a one-year deal, according to ESPN.

Nets general manager Billy King — who has stated that he wants to re-sign the six-foot-seven, 220-pounder — acquired Wallace from the Portland Trailblazers for Shawne Williams, Mehmet Okur and the team’s first-round 2012 draft pick on March 15.

The NBA veteran — who holds the distinguished honor of being the Bobcats’ all-time leader in points scored — averaged 15.2 points , 6.8 rebounds and 3.1 assists in 16 games this past season after joining the Nets.

Should Billy King make a concerted effort to sign Gerald Wallace to a multiyear deal this offseason? Sound off with your thoughts and comments below…