Knicks finalizing deal to land T-Mac from Rockets

The New York Knicks are finalizing a deal to acquire Houston Rockets forward Tracy McGrady, an NBA source told SI.com.

The framework of the deal involves sending McGrady to New York for forward Jared Jeffries, guard Larry Hughes and forward Jordan Hill. The Knicks and Rockets have agreed to swap 2011 first round picks and the Knicks will send the Rockets their first round pick in 2012.

The only outstanding issues involve protection for the draft picks.

The deal could be completed as early as tomorrow.