Reports out of Phoenix and from ESPN.com this afternoon say the Timberwolves are willing to pay restricted-free agent point guard Eric Bledsoe a maximum 4-year, $63 million contract that they aren't willing to give Ricky Rubio.

The Wolves are well over the salary cap and in no position to make such an offer outright, not without acquring Bledsoe in a sign-and-trade with his current team, the Phoenix Suns.

That's where things get tricky for a deal that doesn't seem to be there right now.

The Wolves currently are in the same situation with Rubio as the Suns are with Bledsoe, trying to reach agreement on a contract extension with a point guard whose camp believes he's worth much more than the team believes.

It's unlikely the Suns would accept Rubio back in a straight swap, especially considering they already have point guards Goran Dragic and Isaiah Thomas and considering they'd be back in the same situation with Rubio as they are with Bledsoe.

Bledsoe reportedly has rejected the Suns' four-year, $48 million offer and is prepared to pay out this season to become an unrestricted free agent if he doesn't get a max deal.

If the Wolves pay Bledsoe that max deal, Rubio's agents probably wouldn't accept anything less than the same.

The Wolves owe the Suns their protected first-round pick in 2015, and could reduce or eliminate that protection to help sweeten a deal that would have to includes salaries to match Bledsoe's $15 million-plus average salary. The Wolves also have a $6 million-plus trade exception gained from the Kevin Love deal they could apply to acquire Bledsoe.

The Suns don't appear to have any interest in Rubio or center Nikola Pekovic, who makes $12 million a season, and the Wolves wouldn't have any interest in surrendering any of their young players -- Andrew Wiggins, Zach LaVine, Gorgui Dieng -- that the Suns might like.

Bledsoe's name came up in trade discussions when the Suns pursue Love before the Wolves traded their three-time All Star to Cleveland last month.