Donnie Walsh’s unused midlevel exception suddenly has become a hot commodity as the free-agency period extends deeper into the summer. After Jason Kidd, then Grant Hill turned down the $5.8-million exception, two unsigned point guards, Andre Miller and Ramon Sessions, are believed to be awaiting an offer from the Knicks.

It is believed the Knicks favor the 33-year-old Miller, mainly because he likely would take a one-year deal with the intention of jumping back into the free-agency pool next summer, when about half of the league has prepared salary-cap space.
There had been some initial hesitation in making a multi-year commitment, which would limit the Knicks’ cap flexibility in 2010, but the fact that the athletic Sessions, 23, would add another young player with potential to the Knicks’ precocious core that includes Danilo Gallinari, 20, Wilson Chandler, 22, Jordan Hill, 21 and Toney Douglas, 23, makes it less daunting. David Lee and Nate Robinson, both unsigned restricted free agents, would also be part of that group.
The Knicks have had their eye on Sessions, who is a restricted free agent with Milwaukee, all season. Earlier in the free-agency period, the belief was that the Bucks would match any offer sheets tendered to their starting point guard. But after a strong showing at the NBA Summer League by first-round pick Brandon Jennings, “I don’t think they will,” Sessions’ agent, Jim Wells, said Tuesday.
The agent said he spoke with Walsh on Monday and is awaiting a multiyear offer sheet from the Knicks for the full midlevel exception.
The Knicks, however, might wait to see what happens with Miller, who had hoped the Trail Blazers would turn the focus of its $9 million in cap space on him. But according to reports and sources in Portland, the Blazers have cooled on Miller.
Walsh could attempt a waiting game with Miller, who would bring needed leadership, experience and court savvy to his roster. But the risk is possibly losing Sessions, a dynamic, ever-improving young player, to another team.
Wells said there were two other teams interested in Sessions, including the Clippers, who Monday acquired point guard Sebastian Telfair in a four-player trade with the Timberwolves.
It is possible the Knicks, who are owned by Cablevision, which also owns Newsday, could attempt to swap Chris Duhon ($6.03 million) in a sign-and-trade with Milwaukee for Sessions. Duhon had a strong relationship with Bucks coach Scott Skiles when the two were together with the Bulls and would be a perfect insurance policy for Jennings and underwhelming Luke Ridnour.
A sign-and-trade with the 76ers for Miller would allow the veteran to at least reach his $10-million salary from last season, though it is believed that Philadelphia would demand a lot more than Duhon in return.