The Knicks have a trade proposal on the table with the Grizzlies that would see Darko Milicic and Marko Jaric dealt to New York in exchange for Randolph. The offer was proposed nearly two weeks ago. The Grizzlies have agreed to make the trade and, at this point, have no plans to pull their offer.
An executive with knowledge of the talks said Friday that Walsh initiated the Randolph-to-Memphis talks with the Grizzlies recently and it's up to Walsh to sign off on the deal.
A Knicks spokesman declined comment Friday.
Milicic is reportedly owed $14.5 million over the next two seasons, and Jaric will make $21.3 million the next three seasons.
The Knicks want to trade Randolph because his contract runs through 2010-11. He will be paid nearly $48 million over those three seasons.
The move would help the Knicks with their salary cap; it has been widely perceived that their goal is to get under the cap before the summer of 2010 so they can make a run at LeBron James and other high-profile free agents who will hit the market that offseason.
This offseason, Milicic hurt his Achilles tendon practicing with the Serbian national team. Dustin Krugel, a Grizzlies spokesman, said that the team expects Milicic to be ready for training camp.
Andrew Marchand is the managing editor of 1050 ESPN Radio in New York.