Dave Checketts, former president of the Jazz and Knicks, said in an interview on ESPN 700 in Salt Lake City that he hears the players and owners have reached agreement on a new collective bargaining agreement.
Checketts was recently hired as a consultant to Tom Gores, new owner of the Pistons. Checketts is known as being very close to David Stern.
"The rumblings coming out of both the players side and owners side are suggesting there is a deal," said Checketts.
"I think this is heading in a positive light. This certainly could and has already in this negotiation over time, crashed into a wall. I get a different feeling about this. I think both sides have come together and are trying very hard to iron out the details and come out unified."
Checketts expects positive news to emerge on Thursday evening.
"I've received a couple of phone calls from friends who are very close to the process that say 'we have a deal and it's a matter of having everything straightened out."
Checketts had expected the 11-12 NBA season to be canceled.
"The owners are getting what they want, otherwise they wouldn't be going down this path."
Checketts was interrupted during the call from his source who caught wind of his statement.
"Obviously, saying this publicly has created quite a stir.
"Now I'm getting people reaching out to me, one of whom is involved in the process, saying it's not as close as he thought before."
Newsday's Alan Hahn, reporting from where labor talks are ongoing, says a deal has not been struck from what he has heard.
A source tells Sports Illustrated's Sam Amick that a deal has not been reached, but reasons for optimism continues.