07/04/2012 04:17 pm ET

Steve Nash To Knicks? New York, Phoenix Suns Discussing Deal

The NBA's free agency frenzy finally had its first big splash on Tuesday when the Brooklyn Nets re-signed the most coveted player this summer, point guard Deron Williams and paired him with All-Star shooting guard Joe Johnson. With rumors still swirling about a potential trade between Brooklyn and Orlando for Dwight Howard, the New York Knicks appear set to steal back the back pages.

In order to remain the No. 1 team in New York, the Knicks have targeted arguably the next best free agent point guard, Steve Nash. According to Adrian Wojnarowski of Yahoo!, the Knicks are working with the Phoenix Suns on a sign-and-trade deal rather than pursue him through free agency.

Per the report, the Knicks would ship out Iman Shumpert and Toney Douglas. ESPN's Marc Stein reported, citing a source, that the Knicks don't want to give up Shumpert, but they will to acquire Nash.

The Toronto Raptors reportedly offered the two-time MVP a three-year deal worth $36 million last week. But according to Wojnarowski, Nash prefers to play with New York.

The Dallas Mavericks and Los Angeles Lakers have also been reported to be pursuing Nash.