Reports: Nets' Wallace doesn't pick up option

Brooklyn Nets small forward Gerald Wallace has opted out of the final year of his contract, according to multiple reports.

Wallace had until midnight ET Wednesday to decide on his $9.5 million player option for 2012-13.

Wallace now becomes an unrestricted free agent. He had said he wasn't going to play on a one-year deal.

General manager Billy King said Wallace deserves a multiyear deal and wants to re-sign him.

Wallace, 29, averaged 15.2 points, 6.8 rebounds and 3.1 assists in 16 games after being traded to the Nets.

King dealt his team's first-round pick in the 2012 draft (No. 6) to the Portland Trail Blazers in a highly scrutinized move for Wallace.

Mike Mazzeo is a regular contributor for ESPNNewYork.com.