11:07am: Woelfel throws a bit of cold water on his own report, tweeting that Redick replied, "That's news to me," when asked about the Bucks' offer. I wouldn't expect Redick to discuss an offer if it had been made, but his response is still worth noting.
10:52am: Shortly after the Bucks traded for J.J. Redick last month, we heard from Adrian Wojnarowski of Yahoo! Sports that the team was expected to make a strong bid to re-sign him this summer. According to Gery Woelfel of the Racine Journal Times (via Twitter), Milwaukee's offer may be similar to the one Ersan Ilyasova received from the team last offseason — five years and $40MM.
Woelfel hears from multiple NBA officials who say that the Bucks have already verbally offered those terms to Redick. Teams can't begin formal negotiations with free agents until July, so even if Redick was on board with those years and dollars, a verbal commitment to the Bucks wouldn't stop other clubs from pursuing him when the free agent period begins.
Wojanrowski previously reported that Arn Tellem, Redick's agent, will likely seek at least a four-year, $40MM contract for his client in free agency, although Redick "took issue" with that report, according to Josh Robbins of the Orlando Sentinel. If there are teams willing to make that kind of commitment to the sharpshooter, the Bucks may need to make a slightly stronger bid, especially if their offer follows the same structure as Ilyasova's contract, which includes a non-guaranteed fifth season.
Redick, who is earning $6.19MM in his contract year, is having the best season of his seven-year career. The 28-year-old is on track to set career-highs in PPG (15.0), FG% (.454), APG (4.2), and PER (16.0), among other categories.