The Washington Wizards and point guard John Wall could be coming to terms soon on a contract extension, according to ESPN.com citing “sources close to the process.”

Sources said the deal, which would be an extension for five years and $80 million, in on track to be completed by Aug 1.

Wall, 22, has until Oct. 31 to obtain a contract extension. If the deadline passes, he would become a restricted free agent on July 1, 2014.

Since coming into the league Wall has shown great potential at the point guard position. He missed half of last season due to injury. However, in 49 games, Wall averaged 18.5 points, 7.6 assists and 4.0 rebounds.

In his three-year career he has averaged 16.9 points per game, eight assists and 4.4 rebounds.

There are still certain facets of Wall’s game on which he needs to work, most notably his jump shot. Nevertheless he is still extremely athletic with an ability pass or finish at the rim.

If Wall reaches his potential the extension will be money well spent.

Earlier this month the Atlanta Hawks also made a move to keep their rising young point guard. The Hawks matched a Milwaukee Bucks offer for restricted free agent Jeff Teague, causing the 25-year old to remain with the team. The offer was for four years, $32 million.

"He has improved each year of his career and continues to get better," said Hawks general manager Danny Ferry. "At 25, he's already been a key contributor on a playoff team and we look forward to seeing him develop into even more of a leader on our team."

Teague averaged 14.6 points, 7.2 assists and 1.5 steals during the 2012-2013 season.