From Jerry Zgoda/Star Tribune:

Blockbuster it’s not, but the Wolves have agreed to a deal before tomorrow’s trading deadline:

Cardinal to the Knicks for former No. 2 overall pick Darko Milicic.

The Timberwolves also received cash considerations in the deal that was completed Wednesday night.

The trade will save the Knicks $1.8 million and give the Wolves a center to audition for the rest of the season. Milicic has been mired at the end of Mike D’Antoni’s bench for months and has publicly said he’s likely to return to Europe to play basketball when his contract expires this summer.

“He understandably was frustrated and he may feel that way now,” David Kahn, Minnesota’s president of basketball operations, said at halftime of the Timberwolves’ game at Washington.

“I’m hopeful he clears his mind of that for the next couple of months,” Kahn said.

From Marc Berman/New York Post:
“(Minnesota) really wants to give him a chance,” Milicic’s agent, Marc Cornstein, told The Post. “We’ll see. Darko is a little gun-shy. Darko is a little surprised and very disappointed things didn’t work out in New York. It’s the culmination of a real disappointment for him.”
The Knicks are expected to waive recently acquired Brian Cardinal to make room for the players they expect to receive in the Robinson-to-Boston and McGrady trades, should they go through.
Kahn said he plans to travel to New York City on Thursday to meet with Milicic, whom he expects will join the Wolves before Friday’s game vs. Chicago.

“I do think it’s important to sit down and explain what we seen the situation being for him,” Kahn said. “It has been a tough year for him. Frankly, it has been a tough career for him.”

Wolves coach Kurt Rambis said on the team’s new acquisition: “We don’t know. We’ll see. He was a player who was drafted very high, had huge potential. He’s a 7-footer with a lot of capabilities at both ends of the floor. It’s an opportunity to get a look at him and see what he can do.”