Sources say that the owners are seeking a five percent reduction on all existing salaries for this season, a 7.5 percent reduction of all 2012-13 salaries and 10 percent reduction of 2013-14 salaries.

In last week's negotiating session, owners proposed that the players' share of basketball-related income (BRI) be sliced from 57 percent to 46 percent.

ESPN's Chris Broussard reported Tuesday that the owners' BRI offer had increased to 48 percent.