Sources told ESPN.com that the Mavericks, who immediately made reacquiring Chandler one of their priorities after their first-round playoff exit against San Antonio, soon will complete a trade with the Knicks that they will clinch by agreeing to take back the contract of New York's out-of-favor guard, Raymond Felton, as well.
The trade is expected to cost Dallas two starters -- point guard Jose Calderon and center Samuel Dalembert -- along with prized young point guard Shane Larkin, reserve guard Wayne Ellington and the 34th and 51st picks in Thursday's draft.
Sources tell Stein that the teams are in the process of setting up a call with the league office to get the requisite approval on the trade. The deal is on course to be finalized today.
Chandler is the player Dallas has missed most since it decided to let go several key contributors in free agency after the team's championship run in 2011.
Chandler, 31, wound up landing a four-year, $60 million deal in free agency with the Knicks that year, a deal that has one season remaining.
The departures of Chandler and Felton are believed to be just the start of a roster overhaul by new Knicks president Phil Jackson, with Jackson pursing as much salary-cap flexibility as he can in the hopes of convincing star free-agent-to-be Carmelo Anthony to stay.