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Ross, 30, is a career 36.7 percent 3-point shooter.
Orlando also has the No. 5 and No. 8 picks in the 2021 draft.
Because of that pivot to a younger core, some teams believe Orlando would move Ross for the right return.
Ross is under contract for the next two seasons.
Both teams could use depth and shooting. The Knicks had touched base with Orlando on several trades prior to the 2021 NBA trade deadline.
New York has the No. 19, No. 21 and No. 32 picks in the 2021 NBA Draft. In the days leading up to the draft, the Knicks had been seeking avenues to move up in the draft and had been also open to using some of their 2021 draft capital to acquire a rotation player, per league sources.