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It appears as if Gerald Wallace has opted out of the final year of his contract with the Brooklyn Nets to become an unrestricted free agent.

Wallace, who the Nets acquired from Portland in February in exchange for their first-round pick in this summer’s NBA draft, had until Wednesday at midnight ET to decide whether or not to exercise his $9.5 million player option for 2012-13 or hit the open market – and late Wednesday afternoon, Legion Sports reported on Twitter that Wallace had told Nets management he was choosing the latter.

Legion Sports also later Tweeted a quote attributed to Wallace’s agent, Rob Pelinka, that said the following: “This doesn't mean Gerald won't be here next year, We will explore all our options, Gerald loves NY."

The 29-year-old Wallace averaged 15.2 points, 6.8 rebounds, and 3.1 assists in 16 games for the Nets last season. GM Billy King has said that Wallace “deserves a multiyear deal,” and that re-signing him is one of the team’s top summer priorities.

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