Jennifer Stewart-USA TODAY Sports

Point guard Ty Lawson will reportedly join the Indiana Pacers after the Houston Rockets bought him out on Tuesday.

Shams Charania of The Vertical reported Lawson has agreed to a contract with the Indiana Pacers and is expected to back up George Hill.

The Pacers weren't the only team interested in Lawson. On March 2, Marc Berman of the New York Post, citing an NBA source, reported that the New York Knicks had "internal discussions" regarding Lawson but "have decided not to make a play."

According to ESPN.com's Ian Begley, Knicks interim head coach Kurt Rambis revealed Tuesday that the possibility of signing Lawson had been discussed.

The Rockets officially announced they waived Lawson on Tuesday night, just seven months after they acquired him in a trade with the Denver Nuggets.

Lawson is having the worst season of his career, averaging 5.8 points, 3.4 assists and 1.7 rebounds per game.

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New York is woefully thin in terms of quality point guards, however, with Jose Calderon, Langston Galloway and Jerian Grant performing well below par. Also, Jimmer Fredette's 10-day contract is set to expire.

Per Begley, Rambis admitted there is a lot of uncertainty regarding New York's point guard situation: "There's a lot of names that have been bantered about. ... We don't know what's going to happen in the future but those are all names that have all come up."

It stands to reason that some playoff-bound teams would like to add Lawson to their rosters, but the Knicks may be a more attractive option despite their 25-37 record.

He would likely receive a ton of playing time and perhaps even start in New York, which would allow him to regenerate some of the free-agent value he lost in Houston.

The North Carolina product has proved to be a quality player over the years, with career averages of 13.3 points, 6.2 assists and 2.8 rebounds, but Houston was never a great fit for him.

Joining forces with Carmelo Anthony and Kristaps Porzingis could revitalize Lawson's game, and if he excels at running Phil Jackson's triangle offense, then a long-term deal with the Knicks could be an option as well.

Follow @MikeChiari on Twitter.