There are only two possible ways that Michael Redd could end up in Sacramento:
(1) Redd tells the Bucks he has no intention of re-signing with them and they look to deal him at the trade deadline. For some reason they decide to trade him to the Kings for a package including Mobley and BJax. Although this is technically possible, the Bucks would no doubt get better offers if this were the case.
(2) Redd becomes an UFA. He spurns more lucrative offers to sign for the full MLE with the Kings. Why would he do that? I have no idea.
The chances of the Kings landing Redd are slim to none, and slim left town. Well, they could deal Peja for him, but what's the point? The Kings already have several SGs on the roster and it would leave them incredibly undersized (if they played Redd and Mobley on the wings) or with Barnes as their starting SF.
No, I think Redd will either sign a one year deal with Milwaukee and then cash in next year with full Bird rights or sign with the Cavaliers.
He says he's happy in Milwaukee, but he grew up in Ohio, would make a nice compliment to LeBron, and could get a sizable chunk of the Cavs caproom to do so.
The only other teams projected to have significant cap space in the offseason are Atlanta (who has too many young wings anyway and need a 1 & 5) and the Warriors, who are a mess right now and whose best player is also a shooting guard.
My money's on Cleveland.