The New York Knicks are finalizing a deal to acquire Houston Rockets forward Tracy McGrady, an NBA source told SI.com.

The framework of the deal involves sending McGrady to New York for forward Jared Jeffries, guard Larry Hughes and forward Jordan Hill. The Knicks and Rockets have agreed to swap 2011 first round picks and the Knicks will send the Rockets their first round pick in 2012.

The only outstanding issues involve protection for the draft picks.

The deal could be completed as early as tomorrow.

Don't see many too many implications for us, Except now it looks like they have to money to resign who they want(Including Lee) or go for whatever other huge new free agents they want. But I  would love to see either Lee or Darko on this team through the end of the year for someone like a Noc or K9