New York Knicks president Donnie Walsh continued talks with representatives for Milwaukee Bucks' point guard Ramon Sessions, but he has yet to make a formal offer.

When first reported, it was expected that the Knicks would make an official offer to Sessions on Monday or Tuesday. However, that did not turn out to be the case.

Walsh told Sessions' agent Chubby Wells that he is in a "holding pattern," according to the New York Post, and the two were expected to talk again on Wednesday.

Sessions is looking for a maximum five-year, $35 million midlevel offer, though the Knicks are only offering four years and less than the midlevel standard of $5.8 million. This would allow them more cap relief for the coveted free-agent class of 2010.