Nets forward Gerald Wallace received a warning for flopping in a play against Carmelo Anthony on Monday night. In overtime, Wallace made contact with Anthony who used his elbow to create space as he went up for the three-pointer. Wallace threw his arms back and backed up several steps.

It is Wallace’s first warning; if he commits another flopping violation, he’ll be fined $5,000.

The Nets won the game 96-89, and Wallace finished with 16 points and five rebounds. A video of Wallace’s flop is below:

The Brooklyn Nets will be out two players tonight with matching sprained left ankles.

Gerald Wallace and Josh Childress, with matching left-ankle sprains, are both out tonight vs Heat. Avery Johnson cagey about who starts at 3

—
Howard Beck (@HowardBeckNYT) November 07, 2012

Josh Childress goes back on the injury report with a mild ankle sprain and has a way to go before he can play consistently.

Small forward Gerald Wallace sprained his ankle last week late in the fourth quarter of the Nets opener against the Toronto Raptors. He missed Monday’s game against the Timberwolves and will now sit out against the Heat. Coach Avery Johnson says Wallace’s status remains day-to-day. Wallace has been a reliable defender this season, and with Miami leading the league in scoring, his absence could be a game changer.

Gerald Wallace is out with injury for this Monday’s game. (Bruce Bennett, Getty Images)

The Brooklyn Nets will have to do without small forward Gerald Wallace for a little while, it was revealed on Monday.

The 30-year-old Wallace suffered a sprained ankle in the closing stages of the Nets’ season-and-home-opening win over the Toronto Raptors on Saturday night, and head coach Avery Johnson says he will hold Wallace out of the team’s second game. According to the New York Daily News, Johnson will insert Keith Bogans into the starting lineup in Wallace’s place- a move that is designed to preserve the continuity of Johnson’s rotation of subs.

Brooklyn Nets swingman Gerald Wallace told team officials that he will decline his $9.5 million player option for the 2012-13 season and become a free agent, according to a tweet from MySportsLegion.com. (Rick Bonnell of the Charlotte Observer appears to have gotten confirmation directly from Wallace.)

MySportsLegion.com also had a comment from Wallace’s agent:

Rob Pelinka (Wallace's agent) tells me: "This doesn't mean Gerald won't be here next year, we will explore all our options, Gerald loves NY"—
Legion Sports (@MySportsLegion) June 13, 2012

Indeed, in Bonnell’s tweet you’ll see that he also believes that Wallace — who averaged 15.2 points and 6.8 rebounds in 16 games with New Jersey after being acquired from the Portland Trail Blazers at the trade deadline — will re-sign with the now Brooklyn Nets.

Gerald Wallace had a solid first month in a New Jersey Nets uniform, averaging 15.2 points, 6.8 rebounds, 3.1 assists and 1.4 steals over the last 16 games of this season. But according to Stefan Bondy, who covers the Nets for the New York Daily News, Wallace will be testing free agency this summer.

Gerald Wallace says he'll test free agency. He has a one year player option worth 9.5 million with incentives

—
Stefan Bondy (@NYDNInterNets) April 27, 2012

Wallace re-signed with the Charlotte Bobcats in the summer of 2007 for six years and $57 million, but the final season is a player option. Wallace has been traded twice in the last two seasons — first from Charlotte to the Portland Trail Blazers at the 2011 trade deadline, and then from Portland to New Jersey this year — and it sounds like he has no interest in remaining a Net.

Wallace turns 30 this summer. He was an All-Star and a first-team All-Defense selection in 2010.

Portland Trail Blazers forward Gerald Wallace informed the team that he would not be seeking a contract extension with the club this season due to the limitations within the new collective bargaining agreement, The Oregonian reports. Wallace, however, says that he is open to signing a long-term extension with Portland after this year that would allow him to retire as a Trail Blazer.

Wallace is technically under contract with Portland through the 2012-13 season, but he has the option to opt-out of the final year of his deal that would pay him $11.4 million. Under the current collective bargaining agreement, if Wallace were to sign an extension with the club he would only be able to add two years to his current contract. If he opts out of his deal and becomes a free-agent, he can re-sign with Portland for as many as four seasons.

New Jersey Nets guard Deron Williams announced prior to the 2011-12 season that he will follow a similar plan as Wallace. Williams at the time indicated that he wanted to return to New Jersey, but financially it made more sense to wait under the new stipulations of the league’s labor deal.

Wallace, 29, is averaging 15.5 points and 6.1 rebounds per contest through 10 games this year. Last year in 71 games he averaged 15.7 points and 8.0 rebounds between the Charlotte Bobcats and the Trail Blazers.