Chris Paul’s agent informed New Orleans officials on Wednesday that his client will not sign a contract extension and wants to be traded to the New York Knicks, league sources told Yahoo! Sports.

As soon as the NBA lifts its lockout restrictions, Hornets general manager Dell Demps wants to meet with Paul and hear that directive from him.

Nevertheless, the prospects of the Hornets executing a trade with the Knicks appear to be relatively dim. The Knicks simply don’t have the trade assets that come close to meeting New Orleans’ criteria for a deal. Demps has been listening to overtures from teams around the league, and has been actively working under the assumption that Paul would reject a contract extension.