The TradeEdgeNew York Knicks continue to build a roster that can contend for an NBA championship in ways the franchise hasn’t seen in at least two decades.

The Knicks have reached a deal to acquire center-forward Karl-Anthony Towns from the Minnesota Timberwolves, a person with knowledge of the trade told USA TODAY Sports. The person requested anonymity because he was not authorized to speak publicly until the trade is official.

The Knicks plan to send Julius Randle, Donte DiVincenzo and a first-round pick to the Timberwolves as part of the blockbuster trade just as training camps are getting ready to open for most teams.

The Knicks will also trade DaQuan Jeffries to Charlotte.

New York is intent on competing with the defending NBA champion Boston Celtics for the Eastern Conference title. The Knicks have not been to the Finals since 2000 and have not won a title since 1973.

Last season, they were 50-32, led by All-Star Jalen Brunson. But injuries derailed their playoffs, and they lost to Indiana in the conference semifinals.

Grading the trade for the Knicks

The Knicks get a formidable big man in Towns, who is a four-time All-Star, including last season, and averaged 21.8 points, 8.3 rebounds, 3.0 assists and shot 50.4% from the field, a career-high 41.6% on 3-pointers and 87.3% on free throws.

For Towns, this is a return home. He was born in Edison, New Jersey, and played high school basketball at St. Joseph in nearby Metuchen, New Jersey. Towns, 28, was the No. 1 pick out of Kentucky in the 2015 draft.

He will give the Knicks a versatile inside-outside offensive game to go along with Brunson, OG Anunoby, Josh Hart and Mikal Bridges, who the Knicks acquired from Brooklyn in the offseason.

Grade: B+

Grading the trade for the Timberwolves

The Timberwolves give up a valuable player who embraced the city, community and franchise. The Timberwolves won 56 games last season, second most in franchise history, and lost to Dallas in the Western Conference finals.

In the big picture, the Timberwolves move off of Towns’ contract, which has four years and $220.4 million remaining on it, and get Randle, who can become a free agent after next season or pick up his player option at $30.9 million for 2025-26. Either way, it’s financial relief for the Timberwolves, who plan to lower their luxury tax bill.

Randle averaged 24.0 points, 9.2 rebounds and 5.0 assists last season but played in just 46 regular-season games and missed the playoffs with a dislocated right shoulder.

DiVincenzo has developed into a solid contributor and 3-point shooter, averaging 15.5 points and shooting 40.1% on 3s in 2023-24.

Grade: C

Follow NBA reporter Jeff Zillgitt on social media @JeffZillgitt