The clock is ticking towards the NBA trade deadline this Thursday, and the New York Knicks are looking to pull a move that could propel the team out of mediocrity and into the playoff picture. According to reports, the Knicks are still engaging the Raptors about a deal that would bring point guard Kyle Lowry to New York.

According to ESPN New York, the Knicks have offered Toronto packages that include Iman Shumpert, Raymond Felton and Beno Udrih in exchange for the point guard, but the team has hesitated on trading rookie Tim Hardaway Jr. or a first-round pick. According to the report, Toronto would like at least Hardaway or a future first round pick in exchange for Lowry.

"It comes down to, can they talk themselves into getting rid of a first-rounder or Hardaway Jr. for Lowry?" a league source told ESPN New York.

The Raptors (28-24) are in first place in the abysmal Atlantic Division, and there have been reports that team officials may balk on trading the point guard as they want to see how the season plays out and dealing their best player could send a negative message to the team's fan base. .Lowry has played 52 games for the Raptors this season, averaging 16.7 points per game, 7.6 assists per game and 4.5 rebounds per game.

ESPN New York has also reported that a three-way trade could be in the works involving the Atlanta Hawks and point guard Jeff Teague. Atlanta has all of its first-round picks in the next four drafts and could part with one to satisfy Toronto's demand for a first-rounder. The report states that the trade would involve Teague and a draft pick going to Toronto while Lowry went to New York and Shumpert ended up in Atlanta.

Atlanta may not be satisfied with the talent return in the projected deal, which could cause them to nix it. Grantland reported that Hawks general manager Danny Ferry "is not in love" with the four-year $32 million deal that Teague is on, which could bring the team to move him.

Adding to the speculation is the fact that Lowry is due to be a free agent at the end of the year, which means the Knicks are unlikely to give up a pick for him. If the Knicks do acquire Lowry through a trade, they are able to go over the salary cap to retain him.

The Knicks have also been involved in talks with the Boston Celtics regarding Rajon Rondo.

It's too soon to tell what will happen between now and Thursday's deadline, but the Knicks are doing whatever they can to upgrade at point guard.