Top negotiators for the NBA and players' association will meet tonight in a last-minute effort to avoid canceled regular-season games. Commissioner David Stern has set Monday as the deadline for a new labor deal.

The remainder of the NBA exhibition schedule has been canceled and the first two weeks of the regular season will be cancelled if owners and players can’t agree to a new labor deal by Monday. NBA owners and players met for four hours Tuesday but failed to come any closer to a deal.

The NBA players association is expected to meet in New York Monday to mull over the newest offer from the owners. The league wants a 72-game season to begin in one month. For that to happen, both sides will have to agree to end the lockout this week. If not, canceling the entire season might come next.

Commissioner David Stern announced late Monday night that the first two weeks of the NBA's regular season have been cancelled. Stern met for seven hours with members of the player's association, but they couldn't come to a new labor agreement.

The Timberwolves were supposed to begin regular season play November 1st. Now the best they'll be able to do is start December 1st because Friday's NBA lockout talks between the owners and players broke down without a deal, thus wiping two more weeks of games off the schedule.

ESPN reports the meeting comes just days after the league canceled 43 preseason games scheduled to start next month.

A downtown business association tells KSTP that each Timberwolves game brings in $1 million to $2 million. Canceling games could also mean businesses in the area put off hiring new workers.

NBA Commissioner David Stern has given players an ultimatium. They have until Wednesday to accept a chance to earn up to 51 percent of basketball-related income, or get ready for a deal that's a lot worse. While the union president says players won't be intimidated, Stern is ready to cancel more games if the labor issue isn't settled.