The Knicks appear ready to welcome former No. 1 overall pick Andrea Bargnani into the fold.
The New York Times first reported the Raptors center will be dealt to New York for Marcus Camby, Steve Novak and the team's 2016 first-round pick.
The deal was reportedly agreed to Sunday night, but hit a snag with regards to money. The Knicks will have to include a player on their roster in a sign-and-trade deal once contracts can be signed on July 10. New York will reportedly sign Quentin Richardson and include him as part of the deal.
The Italian-born Bargnani is due $23 million total — $11 million in 2013-14 and $12 million in 2014-15 — over the next two seasons.
Bargnani was the top pick in 2006, but has largely been a disappointment. The 7-footer is not known as an interior presence despite his size. He averaged 12.7 points and 3.7 rebounds per game last season. It was the first time in NBA history a 7-footer has averaged fewer than four rebounds per game while averaging 28 minutes per game.
Bargnani has also been plagued by injuries most of his career. He played in at least 78 games in 2007-08, 2008-09 and 2009-10, but has been injured each of the past three seasons. He played in just 35 games this season while dealing with an elbow injury. He was shut down March 13 for the remainder of the season.
It's unknown how the trade will affect Amar'e Stoudemire, who came off the bench all of last season. The move appears to reinforce that situation.