The Washington Wizards have made significant progress toward completing a five-year, $80 million maximum contract extension for guard John Wall, league sources told Yahoo! Sports.

The Wizards will make Wall their designated franchise player, allowing him to get the fifth year on the extension, sources said.

The Wizards and Wall's agent, Dan Fegan, have until Oct. 31 to complete an agreement on the rookie extension for Wall to avoid restricted free agency next summer, but are moving swiftly to reach a deal.

There's strong belief on both sides that an agreement will be reached soon, but there are still contractual details and terms that need to be agreed upon before it can be formalized, league sources said.

Wall, the No. 1 overall selection in the 2010 NBA draft, missed last season's first 33 games with a knee injury, but finished the season strong. In his shortened season, Wall averaged 18.5 points and 7.6 assists and led the Wizards to nearly a .500 record in his return.

In three seasons with Washington, where he has yet to reach the playoffs, Wall has averaged 16.9 points and eight assists.

Wall, 22, is participating in the Team USA minicamp in Las Vegas this week.

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