Small forward Gerald Wallace became the first free agent to verbally agree to a new deal, re-signing with the Brooklyn Nets after having previously declined his player option with the team, the New York Posts' Fred Kerber reported.

The deal will supposedly be worth $40 million over four years. The New York Times' Howard Beck later confirmed the news, adding that all four years will be guaranteed.

#Nets will give Gerald Wallace $40 mil for four years

— Fred Kerber (@FredKerber) July 1, 2012

As reported elsewhere, Gerald Wallace and Nets agree to 4yr/$40 mil deal. Source says all 4 yrs guaranteed.

— Howard Beck (@HowardBeckNYT) July 1, 2012

Wallace turned down a $9.5 million dollar player option prior to the NBA Draft because he was looking for a more long-term deal, which the Nets provided.

Acquired prior to the trade deadline last March, with the Nets giving up what later turned out to be the sixth overall pick in the 2012 NBA Draft, Wallace went on to average 15.2 points, 6.8 rebounds, 3.1 assists, 1.4 steals and 0.7 blocks over 16 games with the then-New Jersey franchise.

The move is the first of what is expected to be several the newly-moved team will make, as they try to acquire enough talent to convince All-Star point guard Deron Williams to commit to the squad.

Yahoo Sports' Adrian Wojnarowski earlier reported that the team may have given up on acquiring center Dwight Howard from the Orlando Magic, instead targeting the Atlanta Hawks' Joe Johnson and Houston Rockets power forward Luis Scola in separate deals.

Players cannot formally sign new contracts until July 11 (July 12, PHL time), but can in the meantime verbally agree with teams. - AMD, GMA News