The Knicks recently attempted to make a trade for Minnesota Timberwolves star Kevin Love, offering forward Amar'e Stoudemire and his enormous expiring contract, second-year guard Tim Hardaway, Jr. and swingman Iman Shumpert, according to a person with knowledge of the situation.

But the long-shot offer, made in the past week, was declined and never stood much of a chance, particularly because the Timberwolves could potentially strike a richer deal with the Cleveland Cavaliers involving No. 1 overall pick Andrew Wiggins. The...