Jefferson is expected to clear waivers at 5 p.m. ET Monday and become an unrestricted free agent.
Denver has registered its interest in Jefferson, 37, although Milwaukee remains the most aggressive in its recruitment of him, league sources said. There are believed to be three or four teams serious about signing Jefferson, league sources told ESPN.
Denver has 15 guaranteed contracts and would have to make a roster move to clear an available spot for Jefferson. Nuggets president and governor Josh Kroenke enjoys a strong friendship with Jefferson, and Jefferson could be one more veteran contributor and influence to a Denver team trying to reach the Western Conference playoffs.