Camby played with the Knicks from 1998 to 2002, a tenure that helped establish him as a skilled defender in the post.
Camby was traded to Denver in 2002 for Antonio McDyess, a move that made Knicks fans shudder.
While New York can't go back in time and prevent that trade from happening, they have the opportunity now to bring Camby back to one of his first stops in a successful NBA career.
The move makes sense for Camby. The former No. 2 overall pick is originally from Connecticut, a short ride from Madison Square Garden.
But, the Knicks need to be cautious not to get in a bidding war for Camby.
Zwerling also reported that as many as five other teams are interested in signing Camby. Among those are new neighbors Brooklyn and powerhouse Miami.
The Knicks have a great talent at the center position in Tyson Chandler. The All-Star and Olympian is signed to a huge contract that will keep him in the Garden for three more seasons.
If the Knicks are looking to sign Camby, it will take a decent amount of money that they can't afford to dump into the center position.
New York still has a big gap at shooting guard that needs to be addressed after Toronto offered Landry Fields an offer sheet worth $20 million. The Knicks also have signed Steve Novak, tying up more money for the next four years, according to Sam Amick of SI.com.
Camby would be a good player to come off the bench for New York, but his upside is small compared to the issues that come with signing him. Unless he's willing to play in New York for a major pay-cut, the Knicks should back off.