Because of limitations with the NBA’s new collective bargaining agreement,

will not seek a contract extension with the

this season, his camp has informed the team.

However, after this season, Wallace will be open to an extension, his representatives said, adding that Wallace loves Portland and is open to retiring in a Blazers uniform.

Wallace is under contract for this season and the 2012-2013 season, but he can opt out of the final year of his contract, which would pay him $11.4 million. The Blazers had hoped to avoid that potential scenario and in December had casual conversations with agent Rob Pelinka to extend his contract this season. However, under the new CBA, the Blazers can only extend Wallace for two more seasons, down from the four-season option in the previous CBA.

If Wallace opts out this summer and becomes an unrestricted free agent, he can sign with any team for as many as four seasons, but the Blazers would hold significant bargaining chips. If Wallace opts out, the Blazers would hold his Bird Rights because they acquired him in a February 2010 trade, and as a result would be able to offer him five years and more money.

Wallace has not made a decision on whether he will opt out of his contract or accept the $11.4 million for the 2012-2013 season. An advantage to opting out is this summer figures to feature more than 10 teams who are under the salary cap, creating a potentially lucrative free agent market. Plus, at age 29 with a family that includes four children, Wallace would like to establish long-term security as soon as possible.

Blazers interim general manager Chad Buchanan said he feels good about the intentions of both sides.

"There is a genuine interest on both ends,'' Buchanan said. "We value Gerald and what he brings to this team. We are open to discussing something long-term if it makes sense financially.''

Wallace is averaging 15.0 points, 6.6 rebounds and 1.25 steals in 32.9 minutes a game.

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