The New York Knicks were prepared to pull the trigger on a deal for Toronto Raptors point guard Kyle Lowry, but owner James Dolan has vetoed the trade for now, according to Frank Isola of the New York Daily news.

The Knicks have been discussing a deal with the Raptors centered around a package featuring Raymond Felton, Metta World Peace and either Iman Shumpert, Tim Hardaway Jr. or a 2018 first-round pick. Raptors general manager Masai Ujiri prefers the first-round pick, and Yahoo! Sports' Adrian Wojnarowski first reported that the Knicks had the pick on the table.

However, Wojnarowski also said the Knicks were hesitant to include the pick, mainly because Dolan didn't want to be "bamboozled" once again by Ujiri. The new Raptors GM negotiated the Carmelo Anthony trade with the Denver Nuggets that net a huge return for the Nuggets, while he also was able to extract valuable assets for Andrea Bargnani this past offseason.

Isola's report lends more credence to this, with his source saying Dolan "didn't want to get fleeced again" and that a deal was ready to go before the owner nixed it. Dolan was also reportedly upset that details of the proposed deal went public.

World Peace can't actually be moved until Sunday, so the Knicks still have time to reconsider. But if Dolan doesn't budge, the Brooklyn Nets could swoop in and make a strong play for Lowry. Wojnarowski reports that Toronto officials have been scouting 24-year-old Euro Bojan Bogdanovic. The Nets currently hold the rights to Bogdanovic.

In any case, there's almost no doubt Lowry gets moved at some point. The point guard has reportedly wanted a trade for quite some time, and since he's an expiring deal, it only makes sense to get something in return before he walks in the offseason.

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