The point guard merry-go-round continues to spin for the Milwaukee Bucks.

And on Wednesday night it spun firmly in the direction of Atlanta Hawks point guard Jeff Teague.

Teague signed a four-year, $32 million offer sheet with Milwaukee, Bucks officials confirmed late Wednesday.

The Hawks will have three days to match it, and if they do not, Teague will be the Bucks' new starting point guard.

The league's moratorium on signings and trades ended Wednesday, but the Bucks still had unfinished business regarding their pursuit of Teague and the fate of last season's backcourt starters, Brandon Jennings and Monta Ellis.

Milwaukee is seeking to revamp its backcourt after earlier agreeing to a three-year, $24 million contract with shooting guard O.J. Mayo.

Jennings, a restricted free agent, and Ellis, who is unrestricted and will not return to Milwaukee, have yet to land new contracts.

It was learned Wednesday that Ellis had fired his longtime agent, Jeff Fried, and was expected to hire Dan Fegan as his new agent. Many of the top shooting guards on the market have received contracts but Ellis remains without one, after opting out of the final year of his deal, which was worth $11 million for next season.

Ellis also turned down a two-year, $25 million extension offered by the Bucks last fall.

But the Bucks made an aggressive offer for the 6-foot-2 Teague, who averaged 14.6 points and 7.2 assists for Atlanta last season. The former Wake Forest standout shot 45.1% overall and 35.9% from three-point range while helping lead the Hawks to the sixth-seeded position in the Eastern Conference.

Teague played under Milwaukee coach Larry Drew the past three seasons in Atlanta.

The Bucks also could be getting veteran guard Luke Ridnour as part of a sign-and-trade deal with Minnesota and Oklahoma City. According to an ESPN.com report, the Timberwolves were working to send Ridnour to Milwaukee to clear cap space to sign free-agent forward Corey Brewer.

Ridnour, who can play the point and shooting guard positions, spent two seasons with the Bucks from 2008-'10 before signing as a free agent with Minnesota.

Ridnour, 32, started all 82 games for the Timberwolves last season and averaged 11.5 points and 3.8 assists while playing in tandem with point guard Ricky Rubio.

The unfinished free-agent dealings meant the Bucks did not sign Mayo, center Zaza Pachulia and small forward Carlos Delfino on Wednesday. All three agreed to free-agent deals with Milwaukee during the negotiating period that opened July 1 and closed Wednesday.

But the players are expected to sign when the Bucks' backcourt issues are settled.