The Knicks have acquired guard Denzel Valentine from the Los Angeles Lakers as part of what is now a three-team trade sending Rajon Rondo to the Cleveland Cavaliers.
New York also cut Wayne Selden.
The Knicks — who will receive $1.1 million in the deal — will now decide whether to keep Valentine or give him the opportunity to sign elsewhere.
Valentine, 28, is averaging 2.9 points and 1.7 rebounds while playing a shade over nine minutes per game this season.
He was recently traded from the Cavs to the Lakers in the Rondo deal.
During his five-year NBA career that started in 2016-17 with the Chicago Bulls, Valentine has averaged 7.0 points and 3.4 rebounds while playing 18.9 minutes per game.
Valentine is set to become an unrestricted free agent after the season.