Update: https://twitter.com/wojespn/status/880999575124758528

Marc Stein is reporting that the New York Knicks are giving up their chase for Jeff Teague as they believe he has already committed to the Minnesota Timberwolves before free agency officially starts at midnight.

Teague had one of the best seasons of his career while averaging 15.3 points and 7.8 assists and will likely receive a hefty contract from the Wolves, who had a vanancy at point guard after trading Ricky Rubio to the Utah Jazz.

Teague was rumored to have preferred to stay in Indy on a fair market deal, but the Pacers were probably reluctant to give big money to Teague as they enter a rebuilding phase now that Paul George will be leaving.

The Pacers meanwhile are rumored to be interested in recently waived Rajon Rondo.