The Timberwolves are nearing an agreement to send star forward Karl-Anthony Towns to the New York Knicks in a package that would include Julius Randle and Donte DiVincenzo, according to the Athletic's Shams Charania.

According to Yahoo! Sports' Jake Fischer and Hoops Hype's Michael Sciotto, the Wolves have shown interest in Washington's Tyus Jones, Bones Hyland of the Los Angeles Clippers and Detroit's Monte Morris.

Earlier this week, three players – Atlanta's Bogdan Bogdanovic, Washington's Tyus Jones and Brooklyn's Royce O'Neale – entered the rumor mill as potential "best fits" for the Timberwolves and a few other teams, and the belief from insider Jon Krawczynski is that Minnesota recognizes its rare chance as a true contender and could use that as a springboard to be aggressive before the Feb. 8 NBA trade deadline.

The New York Knicks are acquiring Karl-Anthony Towns from the Minnesota Timberwolves in exchange for Julius Randle, Donte DiVincenzo, and a protected first round draft pick from the Detroit Pistons, according to The Athletic. The Charlotte Hornets are also getting involved in the deal as a third team.

The Knicks are set to acquire Karl-Anthony Towns from the Wolves, and are sending back Julius Randle, Donte DiVincenzo, Keita Bates-Diop and a protected first-round pick via the Detroit Pistons. The Charlotte Hornets are also involved in the trade to help balance out salaries in this move for the Knicks.