SATURDAY, 9:34am: The Nuggets and Chandler are making progress as they negotiate a long-term deal, sources to close to the situation tell Alex Kennedy of HoopsWorld.com. The two sides are hoping to reach an agreement this weekend and Chandler's agent, Chris Luchey, will return to Denver tonight or tomorrow morning to resume talks.
THURSDAY, 4:32pm: The Nuggets and Wilson Chandler are nearing an agreement on a long-term contract for the restricted free agent, according to ESPN.com's Marc Stein (via Twitter). The Nuggets' trade of Nene earlier today helped the team create future cap flexibility for Chandler.
According to Stein, final parameters for the deal are still being discussed, but one scenario has Chandler earning $30MM over five years, with a team option for the fifth year.
Chandler and agent Chris Luchey had set a Friday deadline for negotiations with the Nuggets. If the two sides haven't reached a deal by then, Chandler intends to play in Italy for the rest of the season. Sitting out the season would enable the forward to be a restricted free agent again this summer, when more teams have the cap space to bid on him.