According to Frank Isola of the New York Daily News, the Chicago Bulls and New York Knicks are discussing a trade that would send Larry Hughes to the Knicks in exchange for Malik Rose. Jerome James or Nate Robinson could also be involved in the trade, as well as David Lee if the Bulls were willing to part with Tyrus Thomas or Joakim Noah.

The Knicks are in talks with the Chicago Bulls about a deal for shooting guard Larry Hughes, whose contract expires in two summers.

Malik Rose’s expiring contract is being dangled in a potential deal but the Knicks would have to include another player to make the deal satisfy salary cap restrictions. The Knicks would gladly include Jerome James, who is coming off Achilles surgery and may never play again. James’ contract also expires after next season.

There is a possibility that Nate Robinson could be included in the deal since Robinson is set to become a restricted free agent on July 1. The fans may not want to see the popular Robinson traded but the team president Donnie Walsh has made it known that his plan is to sign two All-Star caliber free agents by 2010.

The only way David Lee would be included in a deal for Hughes is if the Bulls include either Tyrus Thomas or Joakim Noah, who may be expendable now that Chicago has acquired Brad Miller from Sacramento.

Why are the Knicks willing to trade for Larry Hughes? The Knicks are likely looking at a potential trade for Larry Hughes because they realize he has a lot of offensive talent that has not been focused in his career, and they think they could bring his offense to its full potential in D’Antoni’s system. Hughes’ contract expires after next season, so it will not interfere with the Knicks’ 2010 plans.

This would be a great trade for the Bulls. The Bulls would get rid of Larry Hughes, who no longer players, and they would do it, getting some relief for next season by getting Malik Rose’s expiring contract. By unloading some salary off the cap with this trade, the Bulls will have more room to maneuver when trying re-signing Ben Gordon this summer.

This is a good trade, and I hope to see it go through tomorrow.