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At Carmelo Anthony's wedding this past summer, Chris Paul made a toast to a potential new Big Three with the New York Knicks, comprising of Melo, himself and Amar'e Stoudemire.
Since then, there have been whispers of such a trio actually forming, as Amar'e is already there and Anthony looks like he may be on his way.
However, Paul may be quite far off.
His contract doesn't expire until the summer of 2012, and with the NBA recently taking financial control of the New Orleans Hornets, it seems unlikely that they would trade their best player, regardless of the team's recent struggles (have gone 7-11 since an 11-1 start).
Furthermore, the Knicks are already invested in Raymond Felton for two years and he is playing at a very high level.
Therefore, it seems like CP3 in New York won't even have an opportunity to happen for two years.
But the Knicks have been in discussions with teams for players other than Paul, Steve Nash or Anthony—primarily backup point guards.
Most recently, the Knicks president Donnie Walsh sat down with David Kahn of the Minnesota Timberwolves, discussing the possibility of the Knicks trading for NYC native Sebastian Telfair.
Additionally, the Knicks have talked to the Cleveland Cavaliers about the availability of Ramon Session, who they pursued during the summer of 2009.
And finally, ESPN reported that the Knicks have several backup plans in place should they miss out on acquiring Melo.
First they have looked into the possibility of trading for Andre Iguodala, whose Philadelphia 76ers have been listening to offers for their star wing of late.
Secondly, New York has also seen the Cavs as a potential trade partner who could help them fill their holes at backup point and inside, with Daniel Gibson and Anderson Varejao.
In both of these scenarios, the Knicks would have to give up much less than they would for Anthony (i.e. probably Eddy Curry and a player or pick), but the return would very likely be far less substantial.