According to the Washington Post, league sources have confirmed that the New York Knicks have signed restricted free agent, Jared Jeffries, to an offer sheet this afternoon.  

Terms of the offer sheet were not immediately available, but the Knicks had their full Mid Level Exception still available meaning they could have offered Jeffries an offer sheet of up to 5 years for $30,247,000.

The Wizards will have 7 days to either match the Knicks' offer sheet or let the 11th pick in the 2002 NBA Draft become Isiah's highest profile move so far this offseason.