Wallace last played on the Boston Celtics back in 2010 as a bit player, helping them make a playoff run. Since then, the 38-year-old has been retired but recently was working out for New York.
Head coach Mike Woodson and Wallace have a relationship that dates back to when both were members of the Detroit Pistons, including a 2004 NBA championship.
The Knicks feel they need another defensive presence on the interior to pair with center Tyson Chandler, who can be a top-notch defender but also finds himself in foul trouble often. If acquired, Wallace would certainly be cost-effective and join a bench with the likes of other big-men Kurt Thomas and Marcus Camby.
After losing in the first round of the 2012 NBA playoffs to the Miami Heat, New York is trying to revamp its depth in an attempt to narrow the gap between itself and the elite.
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