The Knicks have improved their offer to Denver for Carmelo Anthony.
New York is now putting Danilo Gallinari, Raymond Felton, Wilson Chandler, Eddy Curry and a first round pick to Denver for Carmelo Anthony, Chauncey Billups and salary cap filler.
The offer has been confirmed by Alan Hahn of Newsday, who added a source said "we kind of passed (our limit)".
The first-round pick has long been rumored to be coming from Minnesota, who would acquire Anthony Randolph.
Hahn reports that a third team is likely needed to get a deal finished because of Denver's need for luxury tax relief.
The Knicks are giving Denver a choice between Gallinari and Landry Fields and Denver prefers the former. New York is confident that its offer could get a trade finalized for Anthony soon.
Denver is hoping for a resolution to the situation by Sunday.