The New York Knicks are aggressively shopping for a point guard as reports on Monday indicated that the team is eyeing Atlanta Hawks point guard Jeff Teague.

Marc Stein of ESPN reported that the Knicks are still looking to trade for Kyle Lowry. But if the Raptors decide to keep Lowry for the remainder of the season, the Knicks will make a strong push to acquire Teague from the Hawks before Thursday's deadline.

Sources said that the Hawks are also looking to trade the 25-year-old point guard, who is averaging 15.6 points and 7.2 assists this season.

The Knicks are reportedly preparing a package involving Iman Shumpert, who was rumored to be on the trading block earlier in the season after his alleged fall out with Knicks coach Mike Woodson.

"The Hawks would have to be interested in Iman Shumpert -- and eager to shed Teague's long-term contract -- to give New York any hope of assembling a package to land the point guard," Stein reported.

However, the Teague-for-Shumpert deal could hit a snag if the Hawks demand a future draft pick because the Knicks have no first-round pick in the next four years and they are reluctant to deal their 2018 first-round pick.

The Knicks are expected to back out of talks should the Hawks ask for a pick, since taking Teague would be a big gamble. Teague has three seasons left in his four-year, $32-million contract, which means that acquiring Teague could hurt the Knicks' salary cap space in the summer of 2015.

The Knicks have made it no secret that they are planning to make a big free agency splash in the summer of 2015, as indicated by previous reports.

Boston Celtics point guard Rajon Rondo and Minnesota Timberwolves forward Kevin Love are reportedly their primary targets.

Three-Team Trade Could Be In The Works

Another scenario the Knicks could consider is a three-team trade with the Hawks and the Raptors.

ESPN New York reported that if the Raptors decide to move Lowry before the deadline, a three-team trade that would send Lowry to the Knicks is the most likely scenario.

The Knicks would send Shumpert to the Hawks, who will then send Teague to the Raptors.

The Raptors previously requested a future first round NBA Draft pick in any deal with Lowry.

This is where the Hawks could help the Knicks, since they still have their first round picks in the next four years. It is unclear, though, what assets the Knicks would give to convince the Hawks to give up one of their picks to the Raptors.

"One scenario to keep an eye on, though, is the possibility of a three-team deal involving the Hawks and point guard Jeff Teague. Atlanta has all of its first-round picks in the next four drafts and could conceivably send one to Toronto to satisfy the Raptors' demand for a draft pick," ESPN New York noted.