Gilbert Arenas, who has yet to see live NBA action for the Washington Wizards, is back practicing with the team. In fact, reports indicate that Arenas is practicing at full speed and is playing extremely well.

However, it’s not a given that Arenas will return to the court during the 2008-09 NBA season. With the Wizards buried in the standings, Arenas returning to the court wouldn’t make much sense. Most people expect Arenas and the Wizards to play it safe and have Arenas sit out until the beginning of next season.

That said, it might be worth the risk of picking up Arenas now and hoping that he decides to play at some point. If you have an open roster spot and a deep enough roster, what could it hurt? If he actually returns, Arenas is a stud fantasy player who will get his usual load of touches with the Wizards.

Heading into next season, Arenas will be a difficult player to evaluate. He’s been hampered by injuries lately and there’s no guarantee that he will ever be 100% again. But there will likely be fantasy owners willing to hope Arenas will have put the injuries behind him.

The Washington Wizards and Gilbert Arenas have agreed on a new contract that will pay Arenas $111M. The Wizards made re-signing Arenas their number one offseason priority and they successfully accomplished that goal. Arenas turned down a deal from the Golden State Warriors to re-up with Washington.

Arenas has proven himself to be a very good basketball player — in real life and the fantasy world. He’s a point guard who can score and also rack up the assists. He’s an explosive athlete who is also a very capable outside shooter.

The only concern regarding Arenas right now is injury. Arenas has had two knee surgeries that have shortened his last two NBA seasons. When healthy, he’s a fantastic asset. But if he can’t stay healthy, the Wizards may live to regret this decision.

In fantasy basketball drafts, Arenas is probably a solid second rounder in the 2008-09 season. If he can prove to be healthy, his stock could rise into the first round.

The Wizards hope Gilbert Arenas can forget about the suits.

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Gilbert Arenas officially became a free agent on Monday night. Arenas, who has been hampered by injuries in the last few seasons, will be one of the most sought after free agents this summer.

Although teams will show interest in Arenas, expect Arenas to reach a deal to stay with the Washington Wizards. In fact, there is already talk of the Wizards offering Arenas a deal worth approximately $100 million. If that is the case, it’d be difficult to imagine that any other team would approach that figure.

In terms of fantasy basketball, Arenas’ future lies with his health. When healthy, he is a very good fantasy player. He scores, dishes out assists and has a solid all around statistical game. If Arenas can’t get healthy, not only with the Wizards be disappointed, but so will fantasy basketball owners.

Gilbert Arenas decided to opt out of his contract with the Washington Wizards, however his intentions appear to be eventually re-sign with the Wizards. Arenas, who just finished his second consecutive injury-plagued season, will likely start his negotiations by asking for max amount of dollars.

During the 2007-08 season, Arenas only played 13 games and finished with averages of 19.4 points and 5.1 assists. Arenas also shot 39.8% from the field and 28.2% from beyond the three-point arc. Compared to his past few seasons, this was an extremely poor season out of Arenas.

Although he has struggled with knee injuries in the past couple seasons, Arenas is only 26-years-old and there’s hope that he’ll be able to return his top form. As a fantasy basketball player, he’s no longer an elite pick heading into the 2008-09 season. That said, a healthy Arenas is a player who can dominate in the fantasy world.

Will Gilbert Arenas Ever Get Past His Injuries?

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Gilbert Arenas is getting his troublesome knee drained yet again. Arenas and his injured knee have been a constant story since he originally injured the knee in April of 2007. The star point guard on the Washington Wizards attempted a few comebacks since that time, but he’s been a shell of his former self.

The beginning of the 2008-09 season will be huge for Arenas and his fantasy basketball future. If Arenas can’t get back to his old self by the beginning of next season, it may be time to realize that he may never be the same. Originally his knee injury wasn’t thought of as extremely serious but with the slowness of his recovery, it’s hard to believe differently.

In fantasy basketball drafts next season, Arenas will be a high risk, high reward pick. Given his ceiling, it’s tough to imagine Arenas dropping out of the second round. When healthy, Arenas has the ability to be a top 15 fantasy player.

The good news for Arenas is that he seems ready and willing to put in the work to rehab his knee.

“I’m going to take my time and prepare for next season,” Arenas told the Associated Press. “I’m going to be smart about it this year. I’m going to have five or six months to get this thing strong again and ready to go again.”

Photo: Newscom