The NBA and NBPA have made significant process on a new deal, according to two sources. No deal was considered imminent, but the meetings were expected to continue late into the evening.

The parties have been meeting since shortly after 1:00 PM EST on Wednesday.

One pessimistic general manager told ESPN's Chris Broussard that he hears good progress is being made in the meeting.

The owners' current offer to the players will expire at the end of Wednesday, according to statements made by David Stern.