Posted by Sabrina B. @gametimegirl

The slim hope the Nets had of Deron Williams signing a contract extension has been dashed completely.

Williams’ agent said his client will play out this season and become a free agent next summer.

“Deron will not be signing the extension,” Jeff Schwartz told The Record this afternoon. “Based on the new rules it doesn’t make any sense for him to sign the extension. It has nothing to do with how much he likes New Jersey. Because of the rules, he’s going to play the season out and probably opt out of his deal.”

As The Record reported in today’s editions, sources with knowledge of the Nets thinking had been resigned to the fact that the chances of Williams’ signing an extension were slim.

According to the new rules, Williams can get a two-year extension from the Nets for roughly $39 million that would be tacked on to the two years, $31 million he has remaining on his deal. If Williams opts out after the season, he could get five years, and about $101 million from the Nets or four years and $73 million from another team.

Nets general manager Billy King spoke to Schwartz on Wednesday, the first day executives could contact agents. King expressed interest in Tyson Chandler and swingman Aaron Afflalo, and had conversations about Williams’ future.

“Jeff and I had spoken about Deron’s contract situation and I am very comfortable with their decision,” King said.