Allen Iverson and the Philadelphia 76ers are closer to a reunion.

A person with knowledge of the contract talks says the Sixers offered a one-year, non-guaranteed contract to Iverson on Tuesday. The person spoke to The Associated Press on condition of anonymity because the contract talks had not been made public.

Iverson, his agent and business manager met team president Ed Stefanski, coach Eddie Jordan and two other members of the organization on Monday during the first formal meeting between the Sixers and their former MVP.

Iverson announced his retirement last week after an ill-fated stint with the Memphis Grizzlies. The 10-time All-Star was NBA MVP in 2001 when he led the Sixers to the NBA finals.

Another person with knowledge of the deal, who also spoke on condition of anonymity because the talks had not been made public, said Iverson's decision should come today.

The person says the 76ers are taking a chance on Iverson because he's the best free-agent guard available and the financial commitment is minimal. The Sixers would owe just under $650,000 if they guarantee his contract for the remainder of the season on Jan 10.

"What is the downside if you can cut him any time you want?" the person said.

Iverson would still need to undergo a physical before the deal is complete. As of Tuesday night, the Sixers had not heard from Iverson's agent Leon Rose.

Iverson announced his intention to retire last week after no other team expressed an interest in signing the four-time scoring champion.