Much of the speculation centers around a deal involving Lee and the #8 pick in the upcoming NBA Draft going to Memphis for the #2 pick and backup center Darko Milicic. This would allow the Knicks to draft international star point guard Ricky Rubio, who has made it known that he wants to play in a major United States sports market.

The Spaniard has a complicated, multi-million dollar contract with his European team, DKV Joventut Barcelona. Before June 30th, the club will grant Rubio’s freedom from his contract for $6.6 million (NBA teams are allowed only to contribute a maximum of $500,000 to buy out a contract of a foreign player), and after June 30th, the price tag expands to $8 million.

Other trade rumors include the Knicks packaging Lee, forward Jared Jeffries and the #8 pick to Toronto for forward Chris Bosh or to Phoenix for disgruntled power forward Amare Stoudemire.