The NBA and the National Basketball Players Association have a meeting scheduled for Wednesday in New York -- one day before the league's annual board of governors session -- as they inch closer to striking a new labor agreement, according to league sources.

The meeting is the latest signal, sources told ESPN, that a new deal to avoid a work stoppage is looming in the near future.

Sources say there is rising optimism on both sides of the bargaining table that the basic framework of a deal can be achieved as early as this month.

The current collective bargaining agreement between the NBA and the NBAPA runs through June 2021, with both sides holding the right until Dec. 15 to express an intent to opt out in 2017.

But NBA commissioner Adam Silver said last week that he expects the parties to come to terms on a new CBA before the opt-out deadline.