Washington, DC -- (Sports Network) - Washington Wizards guard Gilbert Arenas has agreed to a six-year, $111-million contract with the club, according to a report on the Washington Post's website Thursday.

Arenas reportedly was offered a maximum contract that would have paid almost $16 million more over the course of the six-year deal. The contract has yet to be formally signed, but the guard apparently agreed to a smaller salary to give the Wizards more flexibility to sign other players.

"What can I do for my family with $127 million that I can't do with $111 million?" Gilbert said in the report.

A three-time All-Star, Arenas played the first eight games of the season for the Wizards before needing surgery to repair a torn meniscus in his left knee, the same knee that required surgery in the offseason.

He returned April 2 after missing 66 games during the regular season, but continual problems with his surgically repaired knee forced him to end his season following the Wizards' 100-97 loss to Cleveland in Game 4 of their Eastern Conference quarterfinal series.

In seven NBA seasons, the 26-year-old Arizona product owns career averages of 22.8 points, 5.5 assists and 4.2 rebounds per game.