CNNSI.com reports that after weeks of waiting, Baron Davis has finally signed a contract extension with the New Orleans Hornets. A team source told CNNSI?s Marty Burns that Davis has accepted the maximum extension and an announcement is scheduled for Wednesday afternoon.

Davis is set to make $3.9 million this coming season. The extension will take affect after this season and will last for 6 years and likely be over $80 million.

At one point, the former UCLA standout said he'd rather be traded to a place like Los Angeles, Chicago or New York than move with the team from Charlotte to New Orleans. But Bob Bass, Hornets vice president for basketball operations, has said he rejected all offers and did not intend to deal Davis under any circumstances.

John Reed of the Times-Picayune reports that Lee Nailon is still out there? waiting. Nailon?s agent, Larry Fox, has been working the phones, making sure Nailon?s name isn?t forgotten by the leagues GM?s. Fox said that he has had conversations with seven other teams, including the Hornets, about his client, but he is unsure about the commitment of the team to his player.

"I think they like Lee, but they might not have the best situation," Fox said. "I don't think we know what his role will be or what level he would make. They also have the Baron Davis situation to think about. But we respect the Hornets' position, and we will have to see what happens."

The Hornets claim they are interested in resigning both Nailon and Robert Traylor. ?We would like to have both back, and you want to start training camp with everybody signed," said Bob Bass, the Hornets' vice president of basketball operations. "Any negotiation is a waiting game, and we will continue to have conversations."

The Hornets hold the upper hand in the Nailon negotiations because he is a restricted free agent. They have the right to match any offer up to the $4.5 million mid-class exception. Traylor, on the other hand, is an unrestricted free agent.

If Nailon returns to the Hornets, he will struggle for playing time with Jamal Mashburn, P.J. Brown and George Lynch already on the roster. Fox said the ideal situation for Nailon would be to average about 30 minutes a game. Last season he played 24 minutes a game and averaged 10.8 points and 3.7 rebounds.

"The level of interest for Lee is out there," Fox said. "But we can't rush it. We're trying to get the best offer. With the Hornets we have agreed to keep the lines of communication open." Several teams may be interested in his client but they also be cautious because of his restricted status and the upcoming luxury tax.