The Knicks will acquire Quincy Acy and Travis Outlaw in exchange for Wayne Ellington and Jeremy Tyler. The also agreed to remove the protection on a 2016 second-round pick previously acquired by the Kings.
According to USA Today's Sam Amick, it is believed the Kings will improve their cap space by waiving Tyler and using the stretch provision on Ellington.
An earlier report from ESPN's Marc Stein said the Knicks were looking to unload Ellington's $2.7 million expiring contract and may be willing to include Pablo Prigioni in a deal.
Acy was a second-round pick out of Baylor in 2012. He averaged 14 minutes per game last season with the Kings.
Outlaw is an 11-year veteran who averaged 5.4 points and 2.7 rebounds per game.
- Dan Gartland