Basketball ACT is in negotiations with superstar centre Lauren Jackson to secure her services for the Canberra Capitals for three of the next five WNBL seasons.
They are hoping to finalise a deal within a fortnight.
Jackson last played for the Caps in the second half the 2009/10 season, helping them to the title.
She was also part of title-winning Canberra teams in 2000, 2002, 2003 and 2006.
The proposed agreement would allow Jackson to continue her successful association with WNBA club Seattle Storm, with whom she has won two American championships.
It would also give her the option of returning to Europe, where she has had several stints in Russia.
"In essence we actually like that degree of flexibility, it enables Lauren to continue developing her game internationally in the European market, but it also enables her to have sufficient time into come back to Australia," Basketball ACT and Canberra Capitals chief executive officer Mark Cartwright told AAP.
"The international calendar really does take a toll on her body and we can support Basketball Australia in the lead-up to some of the major international tournaments."
"This is where she gets her body and mind right and it enables our club and our sponsors and the government to put in place long term plans around her being a part of this community.
"We're talking about a player that is special to our program and very special to the city of Canberra."
The seven-time WNBL champions Canberra play Bulleen in Melbourne on Saturday in this season's grand final.