Veteran forward Robert Covington will become eligible for a contract renegotiation next Wednesday, and he and the Sixers are on track to get something done quickly, according to Marc Stein of The New York Times (Twitter link). ESPN’s Zach Lowe expressed a similar sentiment, writing today that a new deal between Covington and the 76ers should be done “within days” after he becomes eligible.

Covington, who will turn 27 next month, is technically already eligible for a veteran extension. However, he will become renegotiation-eligible on November 15, a date which represents the three-year mark since he signed his current contract. A straight extension would significantly limit the amount of money Covington is able to receive — a renegotiation and extension would allow him to receive a substantial raise for the 2017/18 season using Philadelphia’s cap room.

As Stein notes (via Twitter), the widespread expectation is that Covington will receive about $15MM in extra salary for the current season, with subsequent years of his contract being worth a little less than that. In a piece earlier this year, Derek Bodner laid out the specifics for how a Covington extension and renegotiation could work, and how it could give the Sixers more cap flexibility in future years by being structured with declining annual salaries.