A league source today informed InsideHoops.com editor Jeff Lenchiner that previously-reported trade talks between the Memphis Grizzlies and New York Knicks are still alive. The two teams are discussing a trade that would send power forward Zach Randolph to Memphis for guard Marko Jaric and forward/center Darko Milicic. Other players may be involved.

Multiple newspaper reports on this exact trade talk already came out in August. The rumor isn't new. But today, a source confirmed to InsideHoops.com that the reports were correct, and the possibility of a deal still exists at this time.

The source told InsideHoops.com that Memphis hopes the deal will get done, and may be holding off on signing any additional free agents until the possible acquisition of Randolph is resolved.

The Knicks are looking to get rid of some large contracts to clear cap room, especially for the summer of 2010 where they hope to make a splash in free agency with the expected pursuit of LeBron James.

The Grizzlies have a few talented guards and swingmen but are seriously lacking in the big-man department. Randolph would add some much-needed instant offense as well as strong rebounding.

Jeff Lenchiner is the editor of InsideHoops.com.