The Warriors currently hold the No. 2 pick in the draft, while the Knicks sit at No. 8.
According to Bleacher Report's Jonathan Wasserman, Ball is the No. 1 prospect in the class.
Ball could join a Warriors team that should return to contention in 2020-21 with Stephen Curry and Klay Thompson set to return from injuries.
Although he would likely start on the bench, he could still make a significant impact for a playoff team before potentially developing into a star down the line.
His father, LaVar Ball, has said Golden State is a bad fit, but LaMelo has disagreed.
"I feel like I can play on any team," the young prospect said, per Anthony Slater of The Athletic. "Anywhere's a great fit."
The Knicks also think highly of Ball, with Marc Berman of the New York Post reporting the team sees a drop-off from the other point guards in the class. However, the team will likely have to move up in the first round to get him.
Mike Vorkunov of The Athletic concocted multiple options to trade up, including giving up Mitchell Robinson in a move to No. 2 overall.
The team must decide if it's worth it to add the 6'7" guard who averaged 17.0 points, 7.4 rebounds and 6.8 assists for Illawarra in the NBL last season.