Nuggets reach contract extension with Danilo Gallinari

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UPDATE 1:05 pm: And just like that it is official — multiple sources are now saying the deal is official at four years, $42 million.

This is a good deal, both for Danilo Gallinari and the Nuggets. Gallo is not a max-deal guy, but he is a borderline All-Star and the kind of player at the heart of what Denver is building. About $10 million per year seems a fair price.

12:25 pm: Danilo Gallinari — the Italian scorer who came to Denver in the Carmelo Anthony trade — is close to a four-year extension to stay in the Rocky Mountains, reports the Denver Post.

The contract would be for four years, around $40 million total, the source told The Denver Post, locking in the player they call Gallo as he ascends for the powder blue — coach George Karl has previously said he thinks the Italian small forward can be an all-star someday.

The deadline for any extension to his rookie contract is Wednesday midnight (Eastern) or Gallinari would become a restricted free agent at the end of the season.

This seems like a good deal for both sides.

Gallinari gets an average of $10 million a year, the Nuggets lock up their leading scorer (17.4 points per game, boosted by that 39 he dropped on his old team the Knicks in Madison Square Garden), a guy who can play inside or out, is an efficient scorer and passes the ball well. Gallo is at the heart of the team-style of play the Nuggets are winning with right now and they should work out a deal to keep him.