NBA Trade Rumors: Knicks, Rockets Trade Talks on Fire As Deadline Nears

According to Yahoo Sports, The New York Knicks seem to be closer than ever in acquiring Houston Rockets guard Tracy McGrady.

After trade talks appeared to be dead between Houston and New York following Washington's deal that sent Caron Butler to Dallas, TNT's David Aldridge reported that trade talks had picked back up.

In the proposed deal between the two teams, New York would receive All-Star Tracy McGrady, and forwards Joey Dorsey and Brian Cook. In return, the Knicks would be sacrificing their future to save the present. New York would send Jordan Hill, Jared Jeffries, and either Al Harrington or Larry Hughes.

In addition, New York would have to swap first round draft picks with the Rockets in 2011, as well as include the rights to their first round pick in 2012.

While dumping the $6.9 million owed to Jeffries next season would be a huge plus and grant New York much more flexibility during this years free agent class, the Knicks could be looking at one first-round pick from 2009-2012. 

Since Hill was last years first-round pick, and Utah owns the rights to New York's draft choice this year, the Knicks would only be looking at one premium pick in the next three years.

No question this deal could completely push the Knicks into even further demise as their is no guarantee in McGarady's status, or that any high-profile free agent will even sign in New York once free agency opens this summer.

Knicks General Manager Donnie Walsh has been pushing Jared Jeffries and Eddy Curry out the door since he arrived in New York, and completing this deal would satisfy at least one of his goals for now.

If the Knicks can trap lightning in a bottle with McGrady, and somehow get back to respectable status in the NBA; perhaps they will re-sign the once dominant All-Star at the end of the season, and use McGrady as bait for the other piece to the championship puzzle this summer.