The Brooklyn Nets and general manager Billy King are finalizing a multiyear contract extension, league sources told Yahoo! Sports. A formal announcement is expected in the near future, sources said. King's contract was set to expire this summer, but talks have been ongoing since the fall on a new deal. After inheriting a gutted-out lottery roster in July 2010, King has reshaped the Nets into a 49-victory, No. 4 seed in the Eastern Conference. The Nets and Chicago Bulls are tied 1-1 in an Eastern Conference first-round series. King still has a decision to make on interim coach P.J. Carlesimo's future at season's end. King made the blockbuster trade for Deron Williams in February 2011 and worked to re-sign him to a contract extension in July. King's trades for Joe Johnson and Gerald Wallace – and the re-signing of All-Star center Brook Lopez – cemented the Nets' roster and pushed Brooklyn into the elite of the Eastern Conference. King spent four years as the Philadelphia 76ers president from 2003-07.