The parameters of the deal are still being worked out.
To get under the cap, the Knicks had to move Chauncey Billups and Ronny Turiaf. Nothing is official yet, but the Knicks will get rid of Billups through the new amnesty clause.
Turiaf is reportedly being dealt to the Wizards. Getting rid of Billups opens $14.2 million in cap space. Dealing away Turiaf frees up $4.8 million.
The Knicks are expected to complete a sign-and-trade with Dallas to acquire Chandler, according to ESPN.com's Marc Stein. The Knicks will reportedly send Andy Rautins to Dallas in the sign-and-trade. This would give Dallas a large trade exception for losing Chandler.
We expected to have more on this soon after speaking with Knicks GM Glen Grunwald.