The Knicks have done some additional fact-finding on Martin in recent days, sources said.
Martin has been open-minded about the possibility of accepting a 10-day contract to get the opportunity to prove his value to the Knicks, sources said.
Wallace has missed 12 straight games with what the Knicks call a "stress reaction" in his left foot. The uncertainty surrounding Wallace's return has made the Knicks circle back on the possibility of signing Martin, sources said.
Wallace's status is the "critical piece" to the Knicks signing Martin, one league official said.
Martin, 35, played the most reduced role of his career with the Los Angeles Clippers in his 12th season in 2011-12. The Knicks' roster includes four former teammates of Martin that he's has good relationships with: Carmelo Anthony, J.R. Smith, Marcus Camby and Jason Kidd.
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