The Knicks still might not have enough assets to secure Paul, though. The team likely cannot put together a package that holds as much value as other interested suitors can offer.
Hornets general manager Dell Demps has been receiving lots of calls from other teams who are interested in Paul. One of those teams is reportedly the Boston Celtics, who would likely need to part with Rajon Rondo to land New Orleans' perennial All-Star. The Celtics, according to Yahoo!'s report, might be willing to trade for Paul even if he does not initially sign a contract extension with the team.
The Hornets would like to trade Paul sooner rather than later, and are not necessarily looking for a point guard in return. If Paul is traded for a package that does not include a point guard, the Hornets are comfortable with allowing Jarrett Jack to manage the position in 2011-12.