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The Knicks chances of landing point guard Kyle Lowry in a deal with the Toronto Raptors seem dead in the water.

Frank Isola of the Daily News reported that Knicks owner Jim Dolan nixed the deal after initially wanting to make it happen.

“Dolan didn’t want to get fleeced again by [Raptors GM] Masai [Ujiri],” one Knicks source told Isola. “They had a deal ready.”

“There are two problems,” the source added. “Dolan didn’t like that someone from his group leaked it to the media, and the other problem is the Knicks seem to have too many (people) involved with making decisions.”

Multiple reports indicated the Knicks were talking about shipping Raymond Felton, Metta World Peace as well as Iman Shumpert, Tim Hardaway Jr. or the Knicks' 2018 first-round pick to Toronto in exchange for Lowry. The Raptors, who have already dealt Rudy Gay to Sacramento, seem intent on tanking in an effort to score in the loaded 2014 NBA Draft, hoping they can bring Andrew Wiggins back home North of the border.

Asked if the Knicks were still in the mix for Lowry as of Friday morning, a league source told, "I can't say they are."

Asked if the Knicks simply didn't have enough to offer compared with Brooklyn or other teams interested in Lowry, the source said, "Not enough to value the asset. I don't blame Toronto."

Adam Zagoria covers the New York Knicks and Big East hoops for and He also appears as a Big East Basketball Insider on SNY and 1050 ESPN Radio. You can follow him on Twitter and read his blog.

Tags: Knicks , Adam Zagoria
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