Phil Jackson and the New York Knicks are progressing toward a deal to sign veteran free agent Lamar Odom before the NBA regular season ends Wednesday, according to sources briefed on the situation.

Sources told that the Knicks are on course, barring an unforeseen snag, to formally sign Odom this week in a move that would put him on their roster immediately and, more importantly, include a team option for next season.

For more on this story visit: Marc Stein, ESPN New York