Update: Detroit has agreed to trade guard Derrick Rose to New York for Dennis Smith Jr., and a 2021 second-round pick (via Charlotte), sources tell ESPN. Rose reunites with Tom Thibodeau, who coached him in Chicago and Minnesota.

Source: Adrian Wojnarowski of ESPN (Twitter)

The Detroit Pistons and New York Knicks are nearing an agreement to a trade that would send Derrick Rose to NYK in exchange for Dennis Smith Jr. and draft compensation.

Source: Shams Charania/Twitter

ANALYSIS: Rose reunites with former head coach Tom Thibodeau, who helmed the Chicago Bulls when Rose won an MVP title in 2010-11. The point guard also returns to a former team; he spent the 2016-17 season with the Knicks. According to Charania, the Pistons and Rose believe a trade is "best for both sides."