The 26-year-old found a niche in New Orleans two seasons ago, coming off the bench behind Anthony Davis early in the year and giving the Pelicans productive minutes on the block.
He was named to the All-Star team this season and is averaging 23.0 points per game on 46.9 percent shooting to go with 10.8 rebounds and 5.8 assists.
The Knicks have been one of the NBA's biggest surprises under head coach Tom Thibodeau. They own the No. 5 seed in the Eastern Conference with a 23-22 record.
Randle is one of the team's more important performers, so his loss will be felt, though one thing the Knicks don't lack is frontcourt depth. Obi Toppin and Kevin Knox can each play the 4.