Patrick Ewing would go from the New York Knicks to the Seattle SuperSonics, Glen Rice would move to the Knicks from the Los Angeles Lakers, and the Lakers would acquire Horace Grant from the Sonics.
Unidentified NBA officials were quoted as sources for the reports in Saturday newspapers in the three cities.
Ewing, Rice and Grant were the key players, but as many as five others could be involved to make the trade fit salary-cap requirements.
The Knicks and the Lakers possibly could swap backup centers Chris Dudley and Travis Knight, The New York Times reported.
For salary-cap purposes, the Sonics would have to ship off such role players as Greg Foster, Vladimir Stepania and Vernon Maxwell, The Seattle Times reported.
The Sonics and Lakers were described as ready to close the deal, and waiting for the Knicks to sign off on it.
Messages were left for Sonics' representatives and Grant's agent, Jimmy Sexton.
Neither Scott Layden, the Knicks' general manager, nor coach Jeff Van Gundy could be reached for comment, The New York Times said. A Knicks spokeswoman said Saturday the team had no comment.
Lakers general manager Mitch Kupchak, contacted in Hawaii by The Los Angeles Times, would not comment.
Sonics general manager Wally Walker told Grant on Friday a trade was possible, without giving him details.
"If I go to L.A., they might as well fit us for another ring," Grant told The Seattle Times.
The trade started off last month as a four-team, 13-player deal that would have been the largest in NBA history. But it fell apart when the Detroit Pistonbacked out.
Ewing also was headed to Seattle in that trade. The Knicks in return, would have received Vin Baker from the Sonics, along with Rice and Knight from Los Angeles. The Lakers would have acquired Dudley and Detroit's Christian Laettner.
The Pistons pulled out because of fan backlash and because the Dallas Mavericks offered Cedric Ceballos for Laettner on the day the deal was supposed to be completed. Dallas and Detroit completed that trade two weeks ago.
Ewing was said to have become extremely upset at media and fan criticism of him when it became known he had become trade bait. Several league officials said Ewing is adamant about not returning to New York for his 16th season.
Just days after the four-team trade collapsed, Layden said the Knicks would continue to try to trade Ewing. He added that Ewing and his agent, David Falk, had helped orchestrate the possible trade and they would remain involved in future talks.
The Knicks were said to remain intent on getting Rice, an excellent shooting forward, but the Lakers insisted on a solid power forward in return. Rice also is a Falk client.
Ewing will make $14 million this season, his last under contract. He turned 38 last month. Rice and Grant are 35.
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