The Milwaukee Bucks have indicated they want Mitch Kupchak, Tom Henderson or Wes Unseld as compensation from Washington if the Bullets sign free agent forward Bob Dandridge.

The two National Basketball Association teams have had serious discussions about the possible agreement.

NBA sources say the Bucks are not interested in acquiring Marquette's Bo Ellis, whom the Bullets selected in the first round of the college draft behind Greg Ballard. The Bucks, who selected Kent Benson (Indiana), Marques Johnson (UCLA) and Ernie Grunfeld (Tennessee) in the first round last week, reportedly are not interested in any of the Bullet draftees.

Kupchak an Henderson ar two of the Bullets untouchables. But Unseld, a free agent, said yesterday that while he wants to play in Washington, he would not balk at going to Milwaukee.

Dandridge has said he wants to play for Washington more than any other team and Bullet general manager Bob Ferry and coach Dick Motta, want him.

He would supposedly step right in as the starting small forward.

The Bucks wanted Kupchak for Dandridge, according to reliable sources. The Bullets came back by offering their second of two first round draft picks.

There were reports that the Bucks would settle for Ellis, and Washington's No. 1 draft pick next year for Dandridge. The Bucks say no.

Milwaukee, which doesn't need forwards, is not high on Ellis anyway, the word is that the Bucks would rather not have any former Marquette players unless they are superstars because their fans do not like it when former Marquette heroes ride the bench.

Milwaukee alredy has two first round draft picks next season.

The Bucks need a back-up center for Benson and a third guard. With Kupchak and Henderson not available, Unseld would appear to be the man.

"We would be willing to consider Wes as compensation," Milwaukee coach Don Nelson said. "He offers the maturity we need."

Unseld said, "My preference is to play here (in Washington). Until Mr. (Built owner Abe) Pollin tells me differently, I consider myself a Bullet. But if I'm the compensation for signing Dandridge, then I'll go to Milwaukee."

The 6-foot 6, 29-year-old Dandridge lead the Bucks in scoring last year with a 20.8 average. He earned $175,000 from the Bucks last season, and reportedly wants $300,000 for the coming season.

The board of governors of the NBA opens its annual summer meetings today in Coronado, Calif. with the prime topic of discussion expected to be the financial plight of the league's four newest members.

Representatives of the Denver Nugets, Indiana Pacers, New York Nets and San Antonio Spurs, the teams which joined the NBA last summer from the American Basketball Association, are scheduled to meet individually with commissioner Larry O'Brien and the governors to discuss their financial problems.

Sources say some of those clubs are as much as $10 million in debt, most of the money being owed from their days in the ABA.

Each of the teams owes the league $200,000, payable by June 30, as the final part of the $3.2 million entrance fee to which the clubs agreed a year ago. For the Indiana Pacers, at least, that $200,000 is a major problem.

The Pacers have been searching for new financial backing for some time now, but have found no takers. The Pacers were late in meeting their June 1 player payroll, and members of their office staff have not been paid for months.