The Knicks traded the Nos. 27 and 38 selections to the Utah Jazz in order to acquire the No. 23 pick and the draft rights to Ante Tomic. Tomic, 33, has yet to play in the NBA after being a second-round pick in 2008.
ESPN's Adrian Wojnarowski first reported the deal.
The deal is a bit odd in that the pool of players available to the Knicks at No. 23 probably won't be significantly different than at No. 27.
Even if the front office has a specific prospect or two in mind, this doesn't offer much in the way of guarantees since Wednesday's draft is hours away. It's the kind of trade a general manager usually makes in the middle of the event.
That leads to a question over whether general manager Scott Perry and team president Leon Rose have something else in store.
New York also has the eighth overall pick. Packaging that along with No. 23 could be the foundation for a jump into the top five.
The New York Post's Marc Berman reported the Knicks were content to trade back from No. 8 if LaMelo Ball or James Wiseman weren't on the board. Perhaps the franchise has shifted gears to become more aggressive in strengthening the odds of one of those two still being there.