The Brooklyn Nets are finalizing a multiyear contract extension with general manager Billy King, league sources told Yahoo! Sports.

A formal announcement is expected in the near future, sources said.

The extension for King almost assuredly will end speculation that Phil Jackson could be joining the organization. Jackson has expressed much more interest in running a front office than returning to coach.

King's contract was set to expire this summer, but talks have been ongoing since the fall on a new deal.

After inheriting a gutted-out lottery roster in July 2010, King has reshaped the Nets into a 49-victory, No. 4 seed in the Eastern Conference.

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The Nets and Chicago Bulls are tied 1-1 in an Eastern Conference first-round series. King still has a decision to make on interim coach P.J. Carlesimo's future at season's end.

King made the blockbuster trade for Deron Williams in February 2011 and worked to re-sign him to a contract extension in July. King's trades for Joe Johnson and Gerald Wallace – and the re-signing of All-Star center Brook Lopez – cemented the Nets' roster and pushed Brooklyn into the elite of the Eastern Conference.

King spent four years as the Philadelphia 76ers president from 2003-07.

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