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 would be worth an estimated $30-plus million.

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. According to the same source, the deal would pay Lin $5 million in the first season, $5.2 million in the second, and then would increase to as much as $10 million per year in the third and fourth seasons.

“Jeremy Lin’s an excellent player,” Rockets general manager Daryl Morey told The Post. “We got to know him firsthand when he was with the Rockets early this season. We think he’d make a fantastic addition to our team.”

The Knicks can offer Lin a four-year deal worth $24.5 million. In 35 games with the Knicks last season, Lin averaged 14.6 points and 6.2 assists per game.

via ESPN