8:53pm: Tony Dutt, Felton's agent, says the Knicks have a verbal agreement in place that will send his client to New York in a sign-and-trade deal with Portland, reports Mark Berman of FOX 26 Houston (Twitter link).
8:28pm: Marc J. Spears of Yahoo! Sports says Lin is close to becoming a Rocket as the Knicks finalize a deal for Felton (via Twitter).
8:21pm: The Knicks have been in talks with point guard Raymond Felton as a decision on Jeremy Lin's future with the team looms, reports Frank Isola of the New York Daily News (via Twitter). Isola tweets that if New York elects to pass on Lin, the team would attempt to acquire Felton through a sign-and-trade with the Trail Blazers. The move would allow the Knicks to add a quality young point guard to their backcourt without sacrificing the team's financial future given how Lin's offer sheet from the Rockets is structured.