According to ESPN's Marc Stein, the Knicks are dotting the i's on an offer for free agent point guard Ramon Sessions. Have a look:

Terms of the proposed deal were not immediately available, but NBA front-office sources told ESPN.com that the Bucks were indeed bracing for the offer sheet and also more likely to pool the free-agent cash they're prepared to spend this summer to try to beat the Cleveland Cavaliers to the signature of athletic power forward Hakim Warrick rather than matching what's coming to Sessions from the Knicks.

One trusted source insists that the Knicks believe they can extend Sessions far enough to dissuade Milwaukee from matching but without affecting their well-chronicled strategy to leave enough salary-cap space to recruit one maximum-salaried free agent in the summer of 2010. An offer sheet to a restricted free agent must be for at least two years, but it remains unclear how much of New York's $5.9 million mid-level exception Sessions would receive.

...

Although the Los Angeles Clippers continue to prefer Sessions over Allen Iverson and other combo guards they've looked at, L.A. expects Sessions to favor signing with the Knicks because he's a lock to start in New York and highly likely to get more money there, too. He'd be a third guard in L.A. behind Baron Davis and Eric Gordon.

Let me clarify and see if I can get these dominoes in a row: IF Hakim Warrick chooses Milwaukee, THEN the Bucks won't have cash left for Sessions, THEN they won't match a New York offer sheet, THEN Sessions will join the Knicks, THEN I will be a very happy li'l Seth.

Gian's tweet sums it up best: "If you know Hakim Warrick, tell him LeBron is an asshole."