A rash of injuries, most notably to bigs Jared Jeffries and Amar’e Stoudemire, and desperation to make the postseason mean it's extremely plausible that the Knicks could be courting the 37-year-old.
Wallace has been in retirement since the end of the 2010 season.
Hahn said two key things would have to happen for the Knicks to add ‘Sheed to the roster.
"He and (coach Mike) Woodson have Pistons connection," he tweeted.
"Of course that would involve two critical elements: 1. Cutting a player to open a spot and, 2. Sheed actually wants to get into shape."
The latter was often a problem for Wallace, especially during his stint with the Celtics in 2009-2010. However, he ended up being a solid contributor for a team that ended up losing in Game 7 of the NBA Finals.
New York could definitely use a veteran backup like ‘Sheed coming off the bench and as an insurance policy for Amar’e, who is out two to four weeks with a bulging disk in his back, according to the Knicks' Twitter account.
The Knicks may not be the only team looking to draw the former UNC star out of retirement, either.
Chris Tomasson tweeted last week that ‘Sheed was waiting for the March 23 deadline for waived players to sign with contenders before making his choice. The most major move made that day was the Spurs signing of Boris Diaw.
This would still leave a potential roster spot on the Lakers, Heat, Knicks and possibly even the Celtics for Wallace.
Look for these four teams, and possibly a few others, to get into the mix for Rasheed. There is approximately one month left until the postseason begins and final lineup adjustments are made.