The Toronto Raptors and the New York Knicks were close to striking a trade that would send point guard Kyle Lowry to New York, but Knicks team owner James Dolan reportedly vetoed the trade.

Reports on Thursday night suggested that the Raptors were prepared to send Lowry to the Knicks in exchange for Raymond Felton and Metta World Piece along with either Iman Shumpert, Tim Hardaway Jr, or the Knicks' 2018 first-round pick.

However, the alleged deal was vetoed by Dolan, who was reportedly reluctant to trade future assets such as a first-round pick, Shumpert, and Hardaway Jr.

The New York Daily News reported that the owner didn't want to "get fleeced again" by Raptors general manager Masai Ujiri, who previously negotiated the Carmelo Anthony trade to New York during Ujiri's tenure in Denver.

Dolan's decision could backfire since the Raptors also reportedly received strong offers from the Brooklyn Nets and the Golden State Warriors.

"Knicks were prepared to trade Raymond Felton and Metta World Peace plus Iman Shumpert or Tim Hardaway Jr. or a 2018 first-round pick. The Raptors preferred the first-round pick, but Dolan - who negotiated the Carmelo Anthony trade with Raptors GM Masai Ujiri when Ujiri was with the Denver Nuggets - got cold feet about trading a future asset. That could open the door for the Brooklyn Nets to acquire Lowry instead," the NY Daily News reported.

But despite the cancellation of the deal, talks could be revived soon according to reports especially if the Knicks' rival, the Nets, gets close to acquiring Lowry, who is averaging 14.6 points and 6.7 assists per game this season.

"There is still a chance the Knicks may reconsider, especially if Toronto and Brooklyn get close to a deal. When Ujiri was in charge of the Anthony negotiations, he was dealing with both the Knicks and Nets and got Dolan to blink first," the NY Daily News noted.