Precious Achiuwa and Malachi Flynn also head to the Knicks as part of the deal which sees Immanuel Quickley and R.J. Barrett head in the opposite direction.

Anunoby becomes a free agent in the summer and the Knicks will be hoping they can secure him on a longer-term deal.

"OG's complete offensive game and ability to defend multiple positions will enhance our team on both ends of the court," said Knicks president Leon Rose.

"Malachi and Precious are well-rounded players that will complement the hardworking and talented nature of our group. OG, Malachi, and Precious are perfect additions to the type of team and culture we are building in New York," he said.

The 26-year-old Anunoby has spent his entire seven-year career in the NBA with Toronto, winning the 2019 NBA Championship.

This season he is averaging 15.2 points, 4.0 rebounds, 2.7 assists and over 33.2 minutes in 26 games all of which he started.

Born in London to Nigerian parents, Anunoby moved to the United States at the age of four and played for Indiana University before he was drafted by the Raptors in 2017.

Shooting guard Barrett's switch to the Raptors allows him to play for his city of birth after spending his four years in the league with the Knicks.

"RJ is a versatile wing who is, of course, well-known in his hometown, and seeing him in a Raptors uniform will be a special moment for our fans and for all Canadians," Toronto vice-chairman and president Masai Ujiri said.

The 24-year-old Quickley is averaging a career-high 15.0 points, 2.6 rebounds, 2.5 assists and 24.0 minutes in 30 contests this season.

"Immanuel is a young, talented playmaker who we believe will provide a spark on both ends of the court," said Ujiri.

Toronto are in 12th place in the Eastern Conference with a 12-19 record while the Knicks are seventh with a 17-14 record.