THURSDAY, 8:02am: If Mayo finalizes an agreement with Milwaukee, expect the club to just sign him outright, since the Mavs and Bucks aren't discussing sign-and-trade scenarios, says Tim MacMahon of ESPNDallas.com.
WEDNESDAY, 9:21pm: The deal is still not finalized as of Wednesday night, Wojnarowski tweets, but the Bucks and Mayo will continue to work into Thursday to complete the multiyear pact.
After the Timberwolves agreed to sign Kevin Martin and the Clippers reached an agreement to acquire J.J. Redick, two potential destinations for Mayo were eliminated yesterday. With Martin and Redick both agreeing to contracts in the neighborhood of $7MM per year, it wouldn't be a surprise to see Mayo match or exceed that figure.
The Bucks have been linked to a number of guards this week, including Martin, Tony Allen, Eric Bledsoe, J.R. Smith, Jeff Teague, Kyle Korver, and Devin Harris, among others. It's also not clear whether the team intends to bring back Brandon Jennings and/or Monta Ellis, though an agreement with Mayo would seem to reduce the chances of both those players returning to Milwaukee.
Milwaukee was also reported to have a three-year offer on the table for Korver, and was viewed as perhaps the leading candidate to land Smith. While we'll have to wait and see whether either player remains a target for the Bucks, it's hard to imagine Mayo and Smith sharing a backcourt.