Deputy commissioner Adam Silver says the league is holding discussions with both New York teams and they are open to a joint bid.
The Nets play at the $1 billion Barclays Center that opened in September, while the Knicks' Madison Square Garden will have completed the last phase of a three-year renovation by then.
Silver says Friday during a conference call that the league would divide its events between the two sites. The All-Star game is played on Sunday night, while the Rookie Challenge is played on Friday and the slam dunk and 3-point contests are part of All-Star Saturday night.
The league held the Friday and Saturday events at the Dallas Mavericks' arena in 2010 and staged the All-Star game inside Cowboys Stadium.