Ty Lawson and the Houston Rockets have reportedly reached a buyout agreement and rumors are immediately out that the veteran point guard could join the New York Knicks, who are still in search of their ideal floor general who would effectively run Phil Jackson's triangle offense.

ESPN reported that Houston completed a "buyout settlement on Tuesday with point guard Ty Lawson pending league approval", which means he can be acquired by any interested team and still be able to "participate on a playoff roster".

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New York is one of several teams who are reportedly considering to sign the 28-year-old playmaker and "with limited options and their playoff door quickly closing", time is ticking for the Knicks if they would push through with snagging Lawson, according to Fansided's Linhares.

The Knicks had one of their worst seasons in 2014-2015, finishing last in the weaker Eastern Conference with a 17-65 record and not qualifying for the playoffs.

The team managed to briefly be in the playoff hunt earlier this season with a 20-20 slate, but they had been 5-16 since then, dropping to the 13th spot in the East standings and are in danger of missing the postseason again.

Head coach Derek Fisher had been fired and another Jackson protégé, Kurt Rambis, filled in as interim head coach for the rest of the season, but they are still searching for the point guard that they hope would complement the games of their top two stars Carmelo Anthony and Kristaps Porzingis.

Linhares noted that the no. 1 guard spot "has been the Knicks' biggest issue throughout the first half, as the team has gotten steady but unremarkable play from starter Jose Calderon and bench threats Langston Galloway and rookie Jerian Grant".

The veteran Spanish floor general had been solid for New York, but his inability to attack the basket and some defensive inefficiencies have made the Knicks vulnerable in both ends of the floor. Meanwhile, both Galloway and Grant are not experienced enough to handle the primary point guard position.

Lawson could take care of those issues for the Knicks if ever they decide to sign him. The former North Carolina standout have had the aptitude to lead the offense with his passing and is a threat both with his slashing and shooting skills during his days with the Denver Nuggets.

TagsNBA News & Rumors, Ty Lawson, houston rockets, new york knicks, Knicks news & rumors