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 is worth $28.8 million, with $10.2 million coming in the first two seasons and over $9 million in each of the last two. The fourth season is a team option.

The Knicks would have three days to match the offer after Lin, a restricted free agent, signs.

The Knicks repeatedly have said they plan to keep Lin.

"They will match any offer on Lin up to 1 billion dollars," a source told ESPN.com's Marc Stein.

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.

"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 restricted free agent, a four-year deal worth $24.5 million.

While both Lin and the Knicks are hoping for a reunion, sources told ESPN The Magazine's Chris Broussard this past weekend that if a club offers Lin a backloaded contract that pays him an eight-figure salary in the third and fourth years, as Houston has done, the Knicks could be given pause about matching the offer.