The Nuggets must decide whether to match a two-year, $6 million offer sheet given to free-agent center Francisco Elson by the San Antonio Spurs.
Warkentien received the offer late Thursday night, and Denver has until July 20 to match the deal,
which is believed to be evenly split at $3 million this season and $3 million in 2007-08.
"You can rest assured that decision won't be made until the sixth or seventh day," Warkentien said. "We'll take our full time to ponder that and ponder market conditions."
Warkentien and Elson spoke Thursday, but the discussion gave the 7-foot center little clue how things will turn out next week.
"They're making me wait and making me kind of nervous," Elson said Friday night.
Elson, who averaged 4.9 points and 4.7 rebounds last season, has been a part-time player in each of his three seasons in Denver and would prefer to play for the Spurs, who could offer more playing time.
Warkentien said Elson's preference would be one of the factors in making a final decision.
"Everything's considered," he said. "Cisco's been with us a number of years. Decisions aren't going to be based on the last couple days."
Elson, who will quadruple his 2005-06 salary, could be a domino of sorts.
His return or departure will have implications for free-agent forward Reggie Evans and unhappy forward Kenyon Martin.
Evans is seeking his own deal with a first-year salary around the midlevel exception, while Martin would become even more expendable if Elson returns as another option in the middle.
Warkentien declined to comment Friday on negotiations with Evans, whose agent, Dan Fegan, did not return phone messages.