Looking to open up salary cap space, the Bucks have reportedly agreed to a deal that will send forward Richard Jefferson to the San Antonio Spurs.

ESPN.com's Chad Ford reported the deal early this afternoon and said an official announcement would come later in the day.

The Bucks acquired Jefferson nearly a year ago in a draft-day deal that sent Yi Jianlian and Bobby Simmons to New Jersey. He appeared in all 82 games with Milwaukee, averaging 19.6 points, 4.6 rebounds and 2.4 assists per game.

In return for Jefferson, the Bucks would receive Bruce Bowen, Kurt Thomas, Fabricio Oberto and -- most importantly -- about $3 million in savings from Jefferson's contract. In addition, Bowen's 2009-10 contract is not guaranteed, meaning he could be released by the Bucks, bringing an additional $4 million in savings.

With the Bucks expected to use the 10th overall pick in Thursday's NBA Draft on a point guard, that money could in turn be used to sign forward Charlie Villanueva, a restricted free agent.