Fred Kerber of the New York Post reports on twitter that the Brooklyn Nets will offer forward Gerald Wallace a 4-year contract extension worth $40 million once the 2012 NBA free agency moratorium lifts on July 11. Marc Stein of ESPN.com reports that the two sides have agreed to the terms. Wallace was traded by the Portland Trail Blazers to the Nets at the 2012 NBA trade deadline in exchange for Mehmet Okur, Shawne Williams and a protected first round pick, which wound up being Weber State guard Damian Lillard. The Nets have also been linked in trade rumors to Atlanta Hawks forward Joe Johnson and Orlando Magic center Dwight Howard. Brooklyn is also in the process of trying to re-sign point guard Deron Williams. Follow along and discuss the latest NBA league-wide free agency rumors and reports in this post. ed: text fanshot, bumped to front page.