I'm fairly certain he can only be offered the full MLE from any team regardless of cap space etc. I'll try (this sentence is a complete lie) and look it up.
https://members.cox.net/lmcoon/salarycap.htm#Q37
37. What is the "Gilbert Arenas" provision?
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Teams are now limited in the salary they can offer in an offer sheet to a restricted free agent with one or two years in the league. The first-year salary in the offer sheet cannot be greater than the average salary
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The second year salary in such an offer sheet is limited to the standard 8% raise. The third year salary can jump considerably -- it is allowed to be as high as it would have been had the first year salary not been limited by this rule to the average salary.