Forward Jeff Ruland, the Washington Bullets' only all-star since 1980, and team management are close to agreeing on a renegotiation of the final three years of Ruland's contract, Kevin Plunkett, his attorney, said last night.

"There remains work for the lawyers to do," Plunkett said. "We should know exactly where we stand within 24 hours. As a result of (the past) 24 hours, something positive has happened. We're finalizing the specifics of the contracts.

"There's not a full meeting of the minds, but the lawyers are looking at the finer points which, if not resolved, could result in the blowing up of the whole contract."

The talks between General Manager Bob Ferry and Plunkett have been going on for two weeks, since Ruland, on the eve of training camp, said he possibly would hold out because he considered the renegotiations at an impasse.

Plunkett declined to discuss specifics, but it is likely the new deal includes an extension beyond the three years remaining on Ruland's current five-year contract. That contract calls for him to receive $275,000 this season, escalating to $450,000 in 1986-87. Ferry declined comment.

In other developments, rookie guard Tom Sewell, a No. 1 draft choice, missed his third straight day of practice with a pulled hamstring, and forward Cliff Robinson, experiencing shin splints, sat out the final 15 minutes of the afternoon practice.