The Knicks recently attempted to make a trade for Minnesota Timberwolves star Kevin Love, offering forward Amar'e Stoudemire and his enormous expiring contract, second-year guard Tim Hardaway, Jr. and swingman Iman Shumpert, according to a person with knowledge of the situation.

But the long-shot offer, made in the past week, was declined and never stood much of a chance, particularly because the Timberwolves could potentially strike a richer deal with the Cleveland Cavaliers involving No. 1 overall pick Andrew Wiggins. The Chicago Bulls, who have a bevy of intriguing assets to trade, have reportedly had conversations with Minnesota about Love in recent weeks since failing to sign Knicks star Carmelo Anthony in free agency.

The Knicks, by contrast, are short-handed when it comes to what they can trade for an elite player like Love. The sharpshooting Hardaway, after a strong rookie year in which he averaged 10 points a game, has good value. But Shumpert could make considerably more money after next season, when he'll be a restricted free agent. And Stoudemire's expiring contract would likely hold less weight with a team like the Timberwolves, who are typically unable to lure big-name free agents to play in Minnesota.

Minnesota's front office has been signaling that any trade partner for Love would also potentially have to take J.J. Barea and Kevin Martin, who is due another $21 million over the next three seasons, as part of the deal. (Love, Barea and Martin make combined salaries of $27 million, nearly identical to that of Stoudemire, Hardaway and Shumpert.)