Sabrina B.

The Toronto Raptors have reached a verbal agreement with New York Knicks restricted free agent Landry Fields on an offer sheet, according to sources with knowledge of the deal.

Sources say that Fields will sign a three-year offer approaching $20 million. He cannot sign until July 11, which is the first day NBA players can sign new contracts.

The third year of the deal is expected to include a spike in Year 3 similar to the deal that the

Houston Rockets verbally agreed this week with Chicago Bulls restricted free agent Omer Asik.

WRITTEN BY Marc Stein | ESPN.com & FULL STORY HERE

The Knicks will have three days to decide whether to match the offer once Fields signs.