The Toronto Raptors are in talks with the New York Knicks about a trade for Kyle Lowry, according to multiple sources. Barring a third team becoming involved, the Knicks would likely part with Raymond Felton or Tim Hardaway Jr.

UPDATE:

Raptors general manager Masai Ujiri continues to overhaul the roster, and his latest move appears to be shipping out Lowry. Both Adrian Wojnarowski of Yahoo! Sports and Marc Stein of ESPN report the Raptors and Knicks are discussing a trade for the 27-year-old point guard.

"Raptors trying to construct deal with Knicks that would send Kyle Lowry to New York," Stein tweeted on Thursday. "If talks progress and no other teams jump in, trade would likely have to feature Ray Felton going to Toronto with at least one more player.

"Tough situation for Knicks: With no first-round pick to add, NYK could be confronted (with) unsavory option of putting Tim Hardaway Jr. in deal."

Hardaway, the No. 24 pick in 2013 draft, is emerging as a talented 2-guard with upside. Although he's averaging just 8.0 points per game, the Knicks see potential in the rookie and would rather not part with him.

New York, however, may not have a choice depending on how badly they covet Lowry. The Knicks don't have a first-round pick until 2018 and Felton's contract, $3.79 million this season with a player option of $3.95 million the next, may not be worth picking; he's also expected to be sidelined for 2-3 weeks with a hamstring injury.

The Knicks have reportedly been open to trading Iman Shumpert, but the Raptors' interest in the perimeter defender is uncertain.

Picking up Lowry, who's averaging 14.6 points and 6.7 assists per game, could bolster the Knicks' backcourt. His contract also expires after the season, creating more cap flexibility for New York in the summer.

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