The deal is expected to be for the veteran's minimum of 1.7 million, according to Marc Berman.
Wallace, who just turned 38, was last seen by NBA fans in 2009-2010, when he was playing for the Boston Celtics. Boston lost to the Lakers in the NBA finals that season.
Overall, the 6'11 veteran has played 15 seasons with five different clubs, averaging 14.6 points and 6.7 rebounds per game. Wallace made it to four All-Star games, and has the dubious distinction of being the NBA's all-time leader in technical fouls, with 304.
He joins a New York roster that already features several veteran big men. Marcus Camby and Kurt Thomas, who are 38 and 39, respectively, are both older than Wallace.
This story was originally published on SBNation.com.