It is unclear what else the Nets will receive in return.
It looks like Dennis Schroder's days in Atlanta are numbered, as the Hawks went out and traded for veteran point guard Jeremy Lin last night, just weeks after drafting point guard Trae Young with the fifth overall pick in the NBA Draft.More news: US ramps up trade row with China, threatens new tariffs
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But when the Knicks were hit by injuries, Lin was given a chance at major playing time and responded by sparking the Knicks to a seven-game win streak to level their record at 15-15. As part of the deal, the two teams will also exchange future second-round picks.
Lin became the first player in National Basketball Association history with at least 20 points and seven assists in each of his first five starts before undergoing left knee surgery in March to end his season.
Lin, headed to his seventh National Basketball Association team as he prepares to enter his ninth season, now joins a roster that includes two notable point guards, No. 5 overall pick Trae Young and veteran Dennis Schroder. He ruptured the patella tendon in his right knee during the Nets' opener last season, and while he was out Spencer Dinwiddie stepped in and became one of the NBA's most improved players. Both are entering the final years of their contract. Arthur, 30, averaged 2.8 points and 0.8 rebounds in 19 contests.