The Milwaukee Bucks came from being the worst team in the league last year to the sixth seed in this year's Eastern Conference Playoffs. And now, the Associated Press reports that they could have a deal in place for a new arena.

As reported by the AP, Milwaukee officials, leaders of the Wisconsin State Legislature, and the president of the Bucks all agreed Tuesday in saying that they're close to reaching a deal that would pay for a new $500 million arena, with Wisconsin representative John Nygren, co-chairman of the Legislature's budget-writing committee saying that the goal is to announce a deal Wednesday. Nygren is part of the committee that is finalizing the state budget this week, and has expressed that they intend to include a Bucks financing component, according to the report.

The NBA has stated that without a new stadium by 2017, the league plans to buy back the team and relocate it. For months, there have been ongoing talks looking to find a way for the arena that would be part of a planned $1 billion entertainment district in Milwaukee.

As noted by the AP report, both current and former Bucks owners have committed $250 million for the new arena.

"I remain optimistic, but there's work to be done," said Milwaukee Mayor Tom Barrett."

"I think everybody's on the same page. We're trying to get this done," Bucks president Peter Feigin said after Tuesday's meeting.

After hiring Jason Kidd from the Brooklyn Nets, the Bucks made a steady, yet impressive turnaround from the cellar-dwelling bunch they were last season. Behind a young group of players, they had a 26-game turnaround this season to finish 41-41 despite losing second overall draft pick Jabari Parker early in the season to a knee injury, and trading starting point guard Brandon Knight to the Phoenix Suns.