…and it’s not with the Knicks or Clippers. It’s with the Timberwolves.

The waiting and wondering is finally over for restricted free agent Ramon Sessions, who agreed Friday to sign a four-year, $16 million offer sheet with the Minnesota Timberwolves.

A source told ESPN.com that the paperwork on the deal was being processed Friday morning. After Sessions signs, the Milwaukee Bucks will have seven days to match the offer, which they are not expected to do.

The Knicks were only willing to guarantee one year because they did not want to eat into their cap space next summer.

As regular readers know, I’m a big fan of Sessions’ game and I think $4 million per season is a steal. I hope my beloved Bucks match the offer, but all signs seem to point to the franchise letting him go.

Here’s what I wrote about Sessions back in July…

Three million, eh? That’s what a 23-year-old with the 13th-highest PER amongst point guards garners these days? Sessions has the 5th-highest PER amongst point guards under the age of 26. This means that if he continues on his current career trajectory, he has a great shot at being a perennial top 10 point guard in the NBA.

But the past is the past, and the Bucks are faced with losing an up-and-coming, highly-efficient, very talented point guard because they aren’t (or may not be) willing to pay him more than $3 million per season. If the Bucks are smart, they’ll match any offer up to the mid-level and let Sessions and Jennings battle every day in practice. Sessions has already proven he can be productive in 25 minutes per game, so it’s not like he’s going to suddenly lose his value because he has to share time with Jennings. And neither guy is a great shooter, so the Bucks won’t have to drastically change their offense when one guy subs into the game.

One thing’s for sure — Sessions is an asset, and he shouldn’t be let go because the Bucks want a $2 million cushion under the luxury tax. Heck, there’s no guarantee that Jennings is going to pan out or that he’ll get along with Scott Skiles. Sessions might just turn out to be the Bucks’ point guard of the future.

Small market teams have to build through the draft and via trade, not through free agency. This means that they have to hold onto assets when they have them, not let them walk away at a discount.

We’ll see what GM John Hammond decides, but right now it’s not looking good.