Jul 23, 2009 8:59 PM EST

Sources tell WAOW in Wisconsin that the Knicks are ready to offer Ramon Sessions a five-year contract.

With a first-season salary around $5.8 million, the Knicks would be using all or nearly all of their mid-level exception.

The Bucks would have seven days to match the offer sheet or let Sessions join the Knicks.

Via WAOW