By Will Yoder
December 08, 2011

The New York Knicks are reportedly out of the running to acquire New Orleans Hornets guard Chris Paul by trade, according to a tweet from Alan Hahn of Newsday.

“Reports say #Knicks are out of CP3 trade sweepstakes. Way too much competition and no assets. Was always going to be a FA move,” the tweet read.

It has been rumored that New York is Paul’s preferred destination, as he would like to team-up with fellow superstars Carmelo Anthony and Amar’e Stoudemire. The Knicks however are short on bargaining chips as the club traded away much of their youth and talent to the Denver Nuggets to acquire Anthony last season. It still remains likely that the Knicks will attempt to sign Paul if he is a free-agent next offseason, however a trade for the All-Star guard would likely require an in-place contract extension for whatever team he may go to.

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