updated 12:24 a.m. ET July 3, 2008

The Washington Wizards are doing their best to hang on to free agent guard Gilbert Arenas, offering him a maximum contract, the Washington Post reports.

The Wizards are offering a six-year contract worth between $125 million and $127 million to Arenas, who has been courted by the Golden State Warriors since Baron Davis opted out of his contract.

Sporting News' Sean Deveney reports that the Warriors also have reached out to Elton Brand, who opted out of his contract with the Clippers.

Arenas flew to Asia on Tuesday for a promotional tour with Adidas and will not return to the U.S. for two weeks.

The Wizards have asked Arenas to consider taking less money to help the team gain the financial flexibility to sign other players either this year or in the future, and the Post reports he is considering that request.

The final figures of Arenas' contract will be determined in part by the new salary cap and luxury tax thresholds that will be set by the NBA next week. Players cannot sign new contracts until July 9.

Arenas reportedly received a five-year offer from the Warriors on Tuesday that would pay him just under $100 million.

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