The Charlotte Bobcats and restricted free agent Emeka Okafor have agreed in principle on a six-year contract worth at least $72 million.

General manager Rod Higgins confirmed the agreement Tuesday to local reporters, saying that he expects the contract to be completed "in the next few days" after an ESPN.com report said the sides had made significant progress in the past week and were on the verge of a deal.

The Charlotte Bobcats and forward Emeka Okafor are on the verge of six-year deal believed to be worth at least $72 million, according to a report by Marc Stein of ESPN.com.

Okafor was widely believed to be a sign and trade candidate, with most believing that the Bobcats were unwilling to pay the type of money that the former second overall pick was looking for.

Emeka Okafor was once offered over $12 million a season.

According to a credible source, the Bobcats offer is now much closer to a $10 million-a-season average.

Ryan Hollins re-signed with the Bobcats on Friday.

Based on salary-cap rules, Hollins' one-year qualifying offer is worth about $1million this season.

Despite nothing being imminent in terms of an agreement, the Charlotte Bobcats remain confident that they can retain starter Emeka Okafor, the Associated Press is reporting.

Despite reports to the contrary, GM Rod Higgins also said they are not entertaining any sign and trade offers for the former second overall selection.

"As we've repeatedly stated, we want Emeka Okafor back on our basketball team," Higgins said. "We're going to continue to have that hope that we will have a resolution and go forward."

With no team having the cap space to take advantage of their restricted status, Okafor is in the same situation as Andre Iguodala (Philadelphia), Josh Smith (Atlanta), Luol Deng (Chicago), and Ben Gordon (Chicago), all of thom are restricted, without a contract, and are in the midst of drawn out negotiations.

A source with knowledge of the negotiations says Emeka Okafor is ready to move on, rather than accept what the Charlotte Bobcats have offered long-term for his services.

Okafor would be an unrestricted free agent next summer, but the Bobcats might be inclined to negotiate a sign-and-trade now in order to get value back for him.

The possibility of Francisco Elson returning to the Nuggets increased dramatically following the Marcus Camby trade.

Oklahoma City, Charlotte, New Jersey, and possibly the Lakers are also interested in Elson.

Bobcats' forward Gerald Wallace wasn't surprised to hear his name pop up in trade discussions, according to The Charlotte Observer.

In fact, Wallace believes that everyone on the roster is fair game.

"Basically, I think what they've said is everybody is being shopped," Wallace said. "With new management, new coaches and everything, you have to expect something like that."

Wallace said he hasn't spoken with coach Larry Brown or General Manager Rod Higgins about his status with the team.

Bobcats' Coach Larry Brown, who has a reputation of being tough on rookies and point guards, has so far been full of praise for his rookie point guard D.J. Augustin, according to the Associated Press.

"He just does what you ask him to do, without exception," Brown said after a minicamp practice this week. "I knew he was a good player, but he's far exceeded my expectations."

After seven practices over four days, Brown thinks Augustin has grasped the fast-moving, quick-passing offense he wants.

"It'll be neat because once the veterans come in I think he'll endear himself to all those guys because if you get open he's going to get you the ball," Brown said. "He thinks pass first. He gets you into what you want to do. He gets the ball to the right people. He's real good."

With a significant amount of cap space freed up, the Clippers could offer Bobcats' restricted free agent Emeka Okafor a contract starting at $10 million a season, according to The Charlotte Observer.

Los Angeles is reportedly interested in both Okafor and Josh Smith with the departures of Elton Brand and Corey Maggette freeing up a large amount of salary cap room.

Offering Okafor a contract starting in the $10 to $12 million range, means that the Clippers' offer would likely be competitive with anything the Bobcats could afford.