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HOUSTON—The New York Knicks have acquired disgruntled guard Tracy McGrady and his massive expiring contract in a three-team swap with the Houston Rockets and the Sacramento Kings, a person with knowledge of the negotiations tells The Associated Press.

The person spoke Thursday and requested anonymity because the deal has not been officially announced.

The Knicks will also get Sergio Rodriguez from the Kings, though the lure of the deal was McGrady and his expiring $23 million contract.

The Rockets will get guard Kevin Martin and forward Hilton Armstrong from Sacramento and forward Jordan Hill, Jared Jeffries and draft considerations in 2011 and 2012 from New York. They’re also relieved to have finally found a taker for McGrady, the troublesome seven-time All-Star they’ve been trying to trade for almost two months.

The Kings will get New York guard Larry Hughes and Houston forwards Carl Landry and Joey Dorsey.

The Knicks have been courting McGrady—or at least the financial benefits of his contract—almost since the moment in late December when the Rockets granted him an indefinite leave and announced they were trying to trade him.

While interested in seeing McGrady play for the last two months of a lost season, New York is more interested in dropping their payroll and becoming a major player in this summer’s free-agent sweepstakes.

Jeffries and Hill will make almost $10 million together next year so by including them in the deal, the Knicks will open enough salary cap space to offer nearly two maximum contracts to the free agents available after the season, starting with LeBron James.

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