Wallace will be coming out of retirement to join New York after two years away from the game. According to Marc Berman of the New York Post, the announcement will be made on Monday.
The 38-year-old will help the Knicks off the bench in a few ways.
Wallace gives the Knicks even more size and toughness than they already have. Combined with guys like Tyson Chandler, Amar'e Stoudemire, Marcus Camby and Kurt Thomas, Wallace is the latest big man to join the Knicks' stable.
Size is important for teams looking to win a title and coach Mike Woodson's team has no shortage of it. Even if the Knicks' starting big guys get into foul trouble, there are plenty of reinforcements to go to, which is something last year's team didn't have.
Last season, the Knicks had to depend on the brittle Jared Jeffries as a reserve big man and while he did a nice job, his body took far more punishment than it could withstand.
New York also used Carmelo Anthony at the four and it worked out pretty well. Melo played some of his best basketball at the power forward position, but there's no telling how long he could last physically if made to play the position on a daily basis throughout the course of a year.
Wallace will ensure that the Knicks can keep Melo at the small forward position and not force their star player to take a beating against guys who might be bigger and stronger than he. That will no doubt go a long way in keeping Melo healthy and on the floor the entire season.
Bringing championship experience with him, Wallace will help the Knicks' chances at winning a NBA title this season.