Washington Bullet free-agent guard Kevin Grevey was offered what Bullet General Manager Bob Ferry termed a substantial increase over his 1978-79 salary yesterday. The two met, along with Grevey's agent.

The four-year veteran from Kentucky reportedly is seeking a contract worth $250,000 per year. Grevey, whose original contract expired at the end of last season, reportedly has received offfers from four other teams. He earned $160,000 last season.

Two weeks ago, the Bullets' other starting guard last season, Tom Henderson, signed as a free agent with the Houston Rockets for a reported $200,000 a year. The Bullets received a 1980 first-round draft pick as compensation.

"We just talked," said Ferry of his meeting with Grevey and his agent, LaRue Harcourt. "I gave them a good offer. Nothing much else went on. We hope to talk again."

Grevey was unavailable for comment.

Should the Bullets not meet, or at least come close to, the best offer Grevey has received, the 6-foot-5 shooting guard is likely to leave. That what put Washington in a position of not having a bona fide big shooting guard on the roster.

Former high scorer Phil Chenier is playing summer league basketball in an attempt to regain the form that has not returned since his back operation. Roger Phegely, the team's first draft pick in 1978, at 6-6 is taller than Grevey, but played only 153 minutes last season before being placed on the injured list to make room on the roster for Chenier.

Bullet Coach Dick Motta has promised that Phegley would get a long look in preseason camp.

During the regular season Grevey was beset by hamstring problems that limited him to 65 games. Given a chance to start because of the recuperation of Chenier from his disk operation, Grevey responded with a 15.5-point average, shooting 45.3 percent, while playing just under 30 minutes per game.