Reports out of Serbia that a buyout agreement on his contract had been reached between Detroit Pistons draft pick Darko Milicic and his former club team, K.K. Hemofarm Vrsac, are false, according to Milicic's representatives.

"We are still in negotiations with Hemofarm Vrsac," said Natasha Cornstein, director of media relations for Pinnacle Management Corp., the agency Milicic signed with prior to the NBA draft. "Negotiations are progressing, but no deal has been reached yet."

The report made references to a $4 million buyout, which is equal to about one-third of what Milicic will likely earn when he signs a three-year, guaranteed contract with the Pistons. Initially, Hemofarm Vrsac was seeking a buyout worth about $10 million.

"Obviously, we would like to have this done sooner than later," Cornstein said Wednesday. "But these things always take time."

Milicic's inability to settle on a buyout amount with his former team cost him a chance to play with the Pistons during their five-game summer league stint in Orlando earlier this month. He did, however, practice with the team.