5:49pm: Begley provides another update via Twitter, this time courtesy of Knicks head coach Mike Woodson. Woodson is hopeful that Wallace will return this season and says he hasn't given any thought to releasing the veteran to open up an additional roster spot.
12:51pm: A source tells Ian Begley of ESPNNewYork.com (Twitter link) that the Knicks are likely to keep Wallace on the roster for the rest of the season. That would mean he'd have a chance to play in the postseason, but the Knicks wouldn't be able to open up his roster spot for an additional signing.
11:55am: Rasheed Wallace will undergo surgery on a broken bone in his left foot and will be sidelined for approximately eight weeks, the Knicks announced today in a press release. The timetable for Wallace's recovery means his regular season is over, though a postseason return isn't out of the question, if he remains on the team's roster.
After appearing in 20 games for the Knicks earlier this season, Wallace has been out of action since mid-December with foot issues. Back in January, we heard that members of the Knicks' organization were concerned that Wallace would be out for the season and were pushing for a replacement. However, Wallace and coach Mike Woodson both held out hope that the veteran big man could return.
The Knicks have since added frontcourt depth by signing Kenyon Martin, who is expected to make his debut tonight, but the club could still look into adding another body. Martin is on a 10-day contract, so one roster spot will open up when his deal expires. Wallace or another Knick could also be released in order to make room for a signing.
If Wallace doesn't return for the postseason, it's possible we've seen the last of his NBA career. The 38-year-old had been out of basketball for two seasons before he signed a minimum-salary contract with the Knicks in the fall.