The New Orleans Pelicans are willing to gamble $3 million for the service of former first overall pick Greg Oden, a league insider reported on Tuesday.

All of a sudden, the former Ohio State Buckeyes star is the hottest commodity in the free agent market after big men Dwight Howard (Houston Rockets) and Andrew Bynum (Cleveland Cavaliers) already found their new teams.

Defending NBA champion Miami Heat and the Western Conference champ San Antonio Spurs emerged as the favorites to land the 2007 first overall pick, but the resurging New Orleans Pelicans, Sacramento Kings and Dallas Mavericks have sneaked into the lottery to get the big man.

Yahoo NBA insider Marc J Spears said the Pelicans and three other ball clubs are willing to offer Oden a $3 million deal in the first year of the contract.

Oden averaged 9.4 points, 7.3 rebounds and 1.4 blocks in his injury-marred career with the Portland Trail Blazers. Oden underwent several microfracture surgeries in both knees and decided to skip the 2012-2013 season to give him more time for rehabilitation.

Despite the injuries, many teams are still interested to give Oden a try because he's still, after all, 25 years old and has the potential to be a high-reward signing if he stays healthy throughout the season.

Oden is reportedly scheduled to meet with the Dallas Mavericks, the Sacramento Kings and the Pelicans while the Heat and Spurs will continue to monitor the situation.