The Atlantic Division champions and Toronto Raptors have agreed on a deal involving the former No. 1 overall pick, a person with knowledge of the details said Monday.
Coming off an injury-shortened season that was his worst since his second year in the league, Bargnani will have a new home on July 10, once next season's salary cap has been set and deals can become official.
The Knicks will get the forward from Italy in exchange for three players and three picks, the person told The Associated Press on condition of anonymity because the talks were to remain private.
Toronto will receive Knicks reserves Steve Novak, Marcus Camby and Quentin Richardson, who will be signed-and-traded. The Knicks are also sending the Raptors a 2016 first-round pick and two second-round picks.
Bargnani, the No. 1 pick in 2006, has two years and about $22.2 million remaining on his contract. The Raptors made the playoffs just once since drafting him.
He averages 15.2 points for his career, but dropped to just 12.7 per game last season on less than 40 per cent shooting while playing in only 35 games, missing the last month with a sprained right elbow. The 7-footer averages just 4.8 rebounds for his career and largely plays on the perimeter in Toronto, but his 3-point shooting tumbled to about 30 per cent in each of the past two seasons.
Bargnani, who averaged a career-best 21.4 points just three seasons ago, finished with his worst scoring and shooting numbers last season since he posted career worsts of 10.2 points and 38.6 per cent shooting in 2007-08.
Camby, the No. 2 overall pick of the Raptors in 1996, hardly played last season for the Knicks in the first year of a three-year deal. Novak is one of the league's best 3-point shooters but played limited minutes in the post-season after developing back spasms. Richardson sat out almost all season before signing just days before the end of the regular season.