The Houston Chronicle is reporting that the Rockets launched their all-out press to land guard Jeremy Lin by making a contract offer to last season's breakout star on Wednesday night.

A report in The New York Post, 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."

While both Lin and the Knicks are hoping for a reunion, sources have told ESPN The Magazine's Chris Broussard that if any clubs offer Lin a backloaded contract that pays him an eight-figure salary in the third and fourth years, the Knicks could be hesitant to match the offer.

With the new collective bargaining agreement employing a more punitive luxury tax beginning in the 2013-14 season, the Knicks are concerned about the financial ramifications of such a deal.

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.

Information from ESPN The Magazine's Chris Broussard was used in this report.