Less than 24 hours after locked out NBA players turned down team owners' latest contract proposal, the two sides agreed to meet Wednesday to continue negotiations.

The owners and players union were to sit down together in New York at 1 p.m. Eastern time (10 a.m. Pacific).

Both union executive director Billy Hunter and NBA Commissioner David Stern had said Tuesday afternoon that they would be willing to meet Wednesday to see if they could get a deal done.

Stern had given the players a 5 p.m. Eastern deadline to accept the league's offer, or risk the next offer being less. (MORE>>>)