On Wednesday, GM Glen Grunwald announced that the team acquired Bargnani from Toronto for Marcus Camby, Steve Novak, Quentin Richardson (via a sign-and-trade), a first-round pick in 2016 and second-round selections in 2014 and 2017.
The transaction was finalized on July 2, but it couldn't be made official until Wednesday, when the NBA's moratorium on free-agent signings and trades was lifted.
"Seven-foot versatile players with a good midrange offensive game and an ability to stretch the other team's defense are hard to come by in this league," Grunwald said in a statement. "Andrea has proven to be a quality scorer who adds another dimension to our team. We are excited to add him to our frontline."
Coach Mike Woodson added: "Andrea has great size and can create huge matchup problems for our opponents. He can score both inside and out. He will be a great complement to Carmelo [Anthony], Tyson [Chandler] and Amar'e [Stoudemire]."
Bargnani, a native of Rome, averaged 12.7 points, 3.7 rebounds and 28.7 minutes in 35 games during the 2012-13 season. Although he missed 46 games due to injuries, he scored in double digits 11 times, reached the 20-point mark eight times and scored a season-high 34 points on Nov. 23.