New York Knicks President Phil Jackson informed point guard Raymond Felton at the end of the season that he would trade him this summer, according to SNY.tv.
Felton, who turns 30 in June, is due $4.36 million next season and $4.54 million in 2015-16.
Felton missed 17 games last season due to injuries. He averaged 9.7 points and 5.6 assists per game, lower than his career averages of 13.1 points and 6.5 assists.
Aside from declining numbers, Felton also had off-the-court issues last season. In February, he was arraigned on two felony weapons possession charges and released on $25,000 bail.
The Knicks have veteran point guard Pablo Prigioni under contract for two more seasons. They could use a young point guard but do not have a first-round pick in next month's draft.