According to a Yahoo Sports report and TNT’s David Aldridge the New York Knicks and Houston Rockets are finally nearing completion on a deal involving Tracy McGrady (a deal that’s only been in talks for almost a full year now). While I’m not completely sold on what the Knicks would be giving up the deal makes sense with what the team is focusing on, the summer of 2010. Here are the details.

Houston receives Jared Jeffries, Jordan Hill and either Al Harrington or Larry Hughes.

Knicks receive Tracy McGrady, Joey Dorsey and Brian Cook (if the deal includes Hughes).

There would also be some draft pick swapping. Yahoo reports that the two teams would swap their 2011 first round picks and the Rockets would acquire New Yorks’ 2012 first rounder.

While the team would give up a lot, especially draft pick wise for a possible half season rental, the Knicks would be setting themselves up big time for the summer of 2010. Donnie Walsh would finally rid himself of Jared Jeffries contract, freeing up even more salary cap space for the Knicks. And McGrady well we know his insanely large contract expires after this season.

McGrady could wind up doing more for Knicks fans then they may think. Yes, his contract expires after this season but if he proves he’s still got game he could provide something else. No, I’m not talking about a playoff berth, I’m talking about the 2010-2011 season.

If Tracy plays the entire stretch run and at a high level the Knicks could easily consider resigning him at a team friendly rate to complement whatever big name free agent(s) they bring in. If he proves he’s still that good, then they could even use him in some sort of sign-and-trade if another team was interested in him. So while it may seem a lot in term of draft picks, the deal for Tracy could wind up even bigger then Knicks fans thought.

Now for the Rockets, I’m sure they’re ecstatic about possibly upgrading next years first rounder, adding a first rounder, and Jordan Hill (the number eight pick in 2009 draft), all for a guy that only played in six games this season before being exiled by the team. Hill is a guy the Knicks haven’t given much of a chance to but he’s performed when given the minutes, averaging 4.1 pts and 2.5 rebounds over 10 minutes a game.

I’m hoping this deal happens but really for one reason. And that is so the Tracy McGrady to the New York Knick rumors from the past year and a half can finally cease. Get it done fellas.