With a Nov. 2 deadline looming, Dion Waiters’ reps and the OKC Thunder are said to be negotiating a contract extension.

If an agreement can’t be worked out by next month, Waiters will be a restricted free agent next summer.

The Thunder acquired the 23-year-old guard last season in a three-team trade.

Per Yahoo! Sports:

As part of the NBA’s 2012 draft class, Waiters is eligible to extend his deal. Waiters’ agent, Rob Pelinka, and Thunder general manager Sam Presti have met and had ongoing discussions on the deal over the past several weeks, league sources said.

 

If the deadline passes without an agreement, Waiters becomes a restricted free agent in 2016 when salary caps will rise dramatically. Waiters’ market value could escalate further with another productive season as part of the Thunder’s pursuit of a title.

 

Several players – including Anthony Davis, Damian Lillard, Michael Kidd-Gilchrist, John Henson and Jonas Valanciunas – have reached rookie extensions. Talks have been ongoing with several others, including Detroit’s Andre Drummond, Golden State’s Harrison Barnes and Toronto’s Terrence Ross.