Phil Jackson and the New York Knicks are progressing toward a deal to sign veteran free agent Lamar Odom before the NBA regular season ends Wednesday, according to sources briefed on the situation.

Sources told ESPN.com that the Knicks are on course, barring an unforeseen snag, to formally sign Odom this week in a move that would put him on their roster immediately and, more importantly, include an unguaranteed second year for next season.

Structuring the deal this way, after a tumultuous 12 months for one of Jackson's favorite players when they worked together with the Los Angeles Lakers, would give the Knicks two months before free agency begins July 1 to get the 34-year-old into their program and start working with him.

The Knicks, sources say, would want to use the extra time to see if they can get Odom to the point, physically and mentally, where the talented but enigmatic lefty is worthy of a roster spot next season.

Still recovering from a back injury that curtailed his recent stint in the Spanish League after just two games, Odom is not believed to be healthy enough to play in the Knicks' season finale Wednesday night in Toronto even if he signs Wednesday.

Sources say this is viewed as a long-range play for the Knicks, who are banking on the notion that Jackson -- in his new role as New York's team president -- can provide the guidance to get Odom's career back on track.

Since joining the Knicks in March, Jackson has acknowledged that he'll have to be creative in trying to upgrade the team's talent, given its lack of salary-cap flexibility before the summer of 2015. This would be a low-cost, low-risk gamble that New York presumably wouldn't be looking at if not for Jackson's arrival.