Following last month’s incident in the Washington Wizards’ locker room where Gilbert Arenas brought four guns onto the premises, prosecutors have decided to charge the Wizards star with a felony.

He was charged with carrying a pistol without a license outside a home or business.

However, sources close to the investigation told the Washington Post that Arenas has reached a plea agreement with prosecutors which would result in him receiving little, and possibly no jail time.

The Post also reported that if he is convicted the point guard could be facing up to five years in prison and would be liable to pay a fine. The newspaper also reported that Arenas would enter his plea in front of DC Superior Court Judge Robert E Morin.

The Wizards issued a statement on Thursday evening saying they will continue to monitor Arenas’ situation.

“We are aware of the charge filed against Gilbert Arenas today and will continue to follow the ongoing legal process very carefully, we will also continue to cooperate fully with the proper authorities and the NBA.”

NBA commissioner David Stern has already suspended Arenas from the league indefinitely and now with the felony charge the Wizards will be looking to void his contract which has four years and in the region of $80million left.

If the Arenas was charged with a misdemeanour then the likelihood of having the contract voided would have been slim, but a felony charge puts the Wizards in a good position to get Arenas off the books.

Possession of a gun at an NBA arena is a violation of the league’s collective bargaining agreement and the Wizards could also try to use the morals clause found in standard NBA contracts and void the remainder of the six-year deal they signed Arenas to in 2008.