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Knicks, Raptors agree on Andrea Bargnani trade

The Knicks are close to acquiring Andrea Bargnani. (Andrew D. Bernstein/Getty Images)

The Raptors will try to trade the disappointing Bargnani before the July 1 deadline. (Andrew D. Bernstein/Getty Images)

The New York Knicks and Toronto Raptors have agreed on trade that would send 7-foot power forward Andrea Bargnani to New York, The New York Times' Howard Beck reported Sunday. Yahoo Sports' Adrian Wojnarowski also reported that the two teams were finalizing the agreement Sunday evening and waiting for league approval.

Under the proposed deal, the Knicks would send veteran center Marcus Camby and sharp-shooting guard Steve Novak to Toronto, along with multiple draft picks — one future first-rounder and one future second-rounder. Though multiple teams are chasing Bargnani, Beck reported that the Knicks appear to be the "strong favorite" to land him.

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Masai Ujiri, the Raptors' new general manager, made it a priority this month to ship out Bargnani by July 1. Bargnani, the former No. 1 draft pick in 2006, still has two years and more than $22 million remaining on his contract.