Donnie Walsh does not want to lock up players long term this offseason, and that said, he's going to use the mid-level exception and also explore sign and trade opportunities to land a point guard and some shot blocking help for the Knicks, the New York Post is reporting.
One potential target appears to be Monta Ellis of the Golden State Warriors. For Ellis to become a member of the Knicks, he would have to be a sign and trade since Ellis is a restricted free agent, and the Warriors are sure to match any offer for the young guard.
Other options include Sebastian Telfair, Kyle Lowry, Chris Duhon, Keyon Dooling, Tyronn Lue, and Kirk Hinrich although some are not free agents and would need to be acquired via trade.
Memphis has a glut of guards now that they acquired O.J. Mayo from Minnesota while Chicago is in a similar predicament after striking it lucky and drafting Derrick Rose first overall.