The Wizards have reached a buyout agreement with center Zydrunas Ilgauskas, according to a person with knowledge of the negotiations. The 7-foot-3 Ilgauskas is expected to pay back between $1 million and $1.5 million of his $11.5 million contract, the person said. Ilgauskas agreed to the terms late Wednesday night. A formal announcement will likely come on Thursday.

Ilgauskas’s agent, Herb Rudoy, said the sides are “very close” and he expects to have the paperwork completed “in the morning.”

After the Wizards waive him, Ilgauskas is expected to draw interest from Dallas, Denver, Atlanta and Utah. If he returns to the Cavaliers, Ilguaskas would have to wait 30 days to sign back with them, on March 21.

“I expect him to decide by the end of the weekend,” Rudoy wrote in a text message.

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