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, the first day NBA players can sign new contracts.

The deal is expected to include a spike in Year 3 similar to the deal the Houston Rockets verbally agreed to this week with Chicago Bulls restricted free agent Omer Asik.

The Knicks would have three days to decide whether to match the offer once Fields signed.