The Knicks have acquired former All-Star point guard Derrick Rose from the Bulls, the teams announced Wednesday.
The Knicks trade center Robin Lopez, guard Jose Calderon and guard Jerian Grant to Chicago, which shipped guard Justin Holiday, Rose and a 2017 second-round pick back to New York.
A source close to Rose said the Chicago native was very emotional about leaving his hometown team, which drafted him No. 1 overall out of Memphis in 2008, because of all his great memories there but that he wanted the big stage of New York.
Once Rose got word the Bulls were looking to trade him, he hoped it would be to the Knicks.
"His first choice was New York," the source said. "He wants the spotlight."
Bulls chairman Jerry Reinsdorf called the trade a "hard one" to make.
"Everyone knows him as the local kid who became MVP for his hometown team, but not everyone got to know him like I did," Reinsdorf said in a statement. "While he is a terrific basketball player, he is an even better person with a tremendous heart."
ESPN reported last week that the Knicks had internal discussions recently about trading for Rose, the NBA MVP for the 2010-11 season.
Both Knicks coach Jeff Hornacek and general manager Steve Mills had said that the team was interested in upgrading their point guard position in the offseason.
"This is an exciting day for New York and our fans," Hornacek said in a statement. "Derrick is one of the top point guards in the NBA who is playoff-battle-tested. He adds a whole new dynamic to our roster and immediately elevates our backcourt."
Rose, 27, is owed $21.3 million in the final year of his contract. He will be a free agent after the 2016-17 season.
Rose averaged 16.4 points on 42.7 percent shooting and 4.7 assists in 66 games in 2015-16.
The six-year veteran has appeared in just 50 percent of the Bulls' regular-season games over the past four years because of various injuries, including two major knee surgeries.
Lopez, an eight-year veteran, started all 82 games for the Knicks last season, averaging 10.3 points, 7.3 rebounds and 1.57 blocks.
Calderon, another NBA veteran, started 72 games in 2015-16, posting averages of 7.6 points and 4.2 assists.
Grant was selected 19th overall out of Notre Dame in the 2015 NBA draft. He played in 76 games as a rookie, averaging 5.6 points and 2.3 assists (eighth among first-year players).
Lopez ($13.5 million), Calderon ($7.7M) and Grant ($1.6M) are owed a total of $22.8 million next season.
"As we said at the end of last season, we are committed to exploring every option to improve this team," Bulls GM Gar Forman. "This trade is a significant step in that process. Our goal is to get younger and more athletic, and this trade moves us in that direction and allows us to start changing the structure of our team. In Robin Lopez, we are acquiring a starting center who is a good defender, good rebounder, and brings a toughness to our team. Jose Calderon is a proven veteran who can run an offense and knock down threes. Jerian Grant was high on our draft board last year as someone with a great skill set and positional size. All three players are great teammates and have tremendous work ethic, and we are excited to welcome them to the Chicago Bulls organization."
Subject: Knicks acquire ex-MVP Rose in deal with Bulls 
