Allen Iverson will accept a one-year contract offer from the 76ers, according to a report on WPVI in Philadelphia.

News surfaced on Tuesday afternoon that the 76ers offered Iverson a one-year deal after several members of the team's front office met with the future Hall of Fame guard for two hours on Monday.

The 76ers feel as though Iverson is the best free-agent guard available and their financial burden is minimal. They'll owe him less than $700,000 if they guarantee his contract for the remainder of the season on Jan. 10.

"What is the downside if you can cut him any time you want?" a source said.