Early today it was reported that the Knicks were looking to move newly-acquired Wayne Ellington. They’ve found a trade partner in Sacramento. They’ll receive Quincy Acy and veteran Travis Outlaw in the deal. From USA Today:

The New York Knicks will trade guard Wayne Ellington, forward Jeremy Tyler and a 2016 second-round pick to the Sacramento Kings for forwards Quincy Acy and Travis Outlaw, people with knowledge of the situation told USA TODAY Sports.
 

As part of the deal, the Knicks agreed to remove the protection (picks 31-37) on the 2016 second-round draft pick they sent to Sacramento in 2013.
 

The Kings are expected to waive Tyler and could use the stretch provision on Ellington, who is owed $2.77 million next season, to improve their salary cap situation. But that final decision has not been made.