There's officially breaking news coming out of the NBA, as the Dallas Mavericks and New York Knicks have agreed to a blockbuster trade that includes a host of all-star talent. ESPN's Adrian Wojnarowski reports that the Knicks have agreed to trade Kristaps Porzingis, Tim Hardaway Jr., and Courtney Lee for Wesley Matthews, Dennis Smith Jr., and DeAndre Jordan. Additionally, ESPN is also reporting that Dallas is looking to acquire a first-round draft pick from New York as well. 

In terms of existing contracts, Jordan and Matthews are set to expire at the end of the season, while Porzingis can be a restricted free agent this summer. 

The Knicks are currently 10-40 and have struggled without the 23-year-old Porzingis, who has been sidelined for nearly a year with an ACL injury and has reportedly been disillusioned with Knicks management for some time. 

Meanwhile, the Mavericks are currently 23-27 in a tough Western Conference, who are likely making this trade as they look to move on from the Dirk Nowitzki era.

Source: ESPN