Report: Knicks turned down Rockets' offer of Chris Paul

The New York Knicks rebuffed a recent Houston Rockets trade offer involving Chris Paul, league sources told The Ringer's Kevin O'Connor.

The report comes on the heels of Rockets general manager Daryl Morey's denial that Paul asked for a trade in the wake of a supposed falling-out with teammate James Harden.

Trading Paul's contract would be the first step for the Rockets to get into the free-agent marketplace this summer, as they're reported to have interest in Houston-area native Jimmy Butler.

Paul, 34, is owed $124 million over the next three seasons, including a player option for 2021-22. The Knicks enter this summer with approximately $72 million in salary cap space for next season. Kevin Durant, who was widely rumored to be a New York free-agent target, now faces a season-long rehabilitation from the torn Achilles he suffered in the NBA Finals.

The Knicks also hold the No. 3 selection in Thursday's draft.