The Brooklyn Nets are on the verge of finalizing a multiyear contract extension with general manager Billy King, a league source confirmed to ESPNNewYork.com.

The news was earlier reported by Yahoo! Sports.

King has been the team's GM since July 14, 2010. His current deal was set to expire at the end of the season.

Since taking over, King has turned the Nets from a laughingstock into a playoff contender. His biggest move was acquiring point guard Deron Williams in a blockbuster trade from the Utah Jazz on Feb. 23, 2011.

This offseason, King signed Williams to a five-year, $98 million contract extension. He also re-signed center Brook Lopez (four years, $60 million), small forward Gerald Wallace (four years, $40 million) and power forward Kris Humphries (two years, $24 million), while adding shooting guard Joe Johnson and power forward Reggie Evans.

King rounded out his roster by bringing in solid depth guys like center Andray Blatche and point guard C.J. Watson on cheap deals.

The Nets, just three seasons removed from losing 70 games, won 49 games during the regular season, tied for the second-most in franchise history.

They are very much relevant in their first season playing at the $1 billion Barclays Center.