Smith could be a reality.
From ESPN:
Word is coming in that the Knicks are closing in on some new players.
It is not immediately clear if this would be two separate trades or a three-way exchange, but I'm hearing that Oklahoma City's Chris Wilcox -- who went back to the Thunder on Wednesday night when the Tyson Chandler trade was rescinded -- and Chicago's Larry Hughes are New York-bound.
To complete the transaction(s), Oklahoma City would get Malik Rose and Chicago would receive Tim Thomas, Jerome James and Anthony Roberson.
If this is the case, I would think the release of Smith is almost a certainty.