Knicks President Phil Jackson told point guard Raymond Felton during exit meetings last month that he will be traded during the offseason.
Felton, who turns 30 next month, is due to make $4.36 million in 2014-15 and he has a player option for $4.54 million in 2015-16.
Battling groin and hamstring injuries that caused him to miss 17 games, Felton averaged 9.7 points and 5.6 assists. His career averages are 13.1 points and 6.5 assists.