According to Yahoo Sports, the rumored deal would include a package of Raymond Felton, Metta World Peace and a 2018 first round pick headed back to Toronto. There's has also been speculation about Iman Shumpert being included, but the Raptors don't reportedly like him that much.
A hangup to the rumored deal: It's doubtful the Raptors would want to take on Felton's two remaining years. And if you're the Raptors, you're in search of draft picks and young assets.
Problem there is, the Knicks have only two intriguing young players in Shumpert and Tim Hardaway Jr. and three draft picks that are trade-eligible right now according to NBA rules -- 2018, 2019 and 2020. So...
The Knicks certainly do need help though in their backcourt and Lowry would be a quality addition. With Raymond Felton out for a few weeks, and playing generally terrible basketball when healthy anyway, Lowry would be a very good fit. And when you consider the Knicks care not about future assets or draft picks and only concern themselves with the immediate future, they're probably not going to hesitate to pull the trigger on something.
But a significant bonus to it for the Knicks: He's making $6.1 million this season and is on an expiring deal. So if they were to figure out a way to unload Felton's deal in it, then all of a sudden it's a steal for New York. But we're talking about Ujiri being involved, and he doesn't often get duped.
Lowry, 27, is averaging 14.6 points and 6.7 assists for the Raptors in 20 games this season.