Iman Shumpert and J.R. Smith are reportedly done with the New York Knicks. According to Yahoo's Adrian Wojnarowski, the Knicks are sending Smith and Shumpert to the Cleveland Cavaliers in what could be a three-way trade along with the Oklahoma City Thunder. It is also being reported that Dion Waiters, who was pulled from tonight's game against the Philadelphia 76ers, could be the one headed to OKC. 

Details are still trickling in, but we'll keep you updated as more information becomes available. 

UPDATE: As part of the three-way deal, the Knicks will reportedly receive rookie center Alex Kirk from the Cavaliers and a protected first-round pick from the Thunder. New York is also expected to waive Samuel Dalembert, who would've had his contract fully guaranteed for the regular season if he stayed on the roster through Wednesday.

UPDATE #2: Here's how the rest of the three-way trade is reportedly shaping up. The Knicks will receive a 2019 second-round pick, power forward Lou Amundson and rookie center Alex Kirk from the Cavaliers. They will get guard/forward Lance Thomas from the Thunder. Meanwhile, the Cavaliers will have a protected future first-round draft pick coming their way from OKC. 

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[via Adrian Wojnarowski]