Guard Kevin Grevey, who thought he would sign a new contract with the Washington Bullets by Christmas, conceded yesterday he has given up hope of reaching terms with the club until after the season.

He added that he has no desire to become a free agent "at this time" and find out how the rest of the league values his talent.

"I don't see me becoming a free agent, at least not right now," he said. "I like Washington and I want to play here. We are building a good young team behind our veterans and I'd hate to see that nucleus broken up.

"We really haven't talked that much. From what I can tell, it doesn't look like I will sign in the near future. I've just kind of given up on it and decided to wait until after we stop playing before getting into any negotiations."

Grevey has switched agents and now is represented by LaRue Harcourt, who also handles his investments. Harcourt submitted a contract proposal to the Bullets, but, Grevey said, "The club hasn't answered it, which we are taking as a rejection." Grevey had turned down a club proposal just before the season began.

He is in the final year of his original four-year pact with the team. Since switching from forward to guard last year, he believes his value to the club "has gone up. I think I have a promising juture in this league and I'd like to be compensated for it."

Grevey has been plagued lately with a hamstring pull. He did not play the last two games and is listed as doubtful for Wednesday's contest here with Chicago.