Jeremy Lin has verbally agreed to sign a four-year offer sheet with the Houston Rockets on July 11, according to a source close to the talks.
The four-year deal is worth $10.2 million over the first two seasons and $9.3 million in each of the last two years. The fourth season is a team option.
The Knicks would have three days to match the offer after Lin, a restricted free agent, signs.
The Knicks repeatedly have said they plan to keep Lin.
A report in the New York Post on Wednesday, citing a league source, said the Rockets were planning to offer Lin a backloaded deal worth roughly $30 million.