But sources told ESPN.com Wednesday that multiple teams interested in Shumpert have approached the Knicks, and said New York remains undecided about whether to trade its coveted perimeter defensive specialist.
The New York Daily News reported earlier Wednesday that Shumpert-for-Faried talks "have intensified," but added that no deal was imminent.
Coach Mike Woodson downplayed the trade rumors prior to the Knicks' game in Atlanta on Wednesday night.
"I heard some rumors," Woodson said. "It's part of our business. I always try to tell young players if your name is being floated out there, that's a good thing. It means somebody wants you.
"Guys get traded. The best players have been traded, but at the end of the day you still got to play. You're still in a Knicks uniform, you're representing what we're trying to do here. You can't worry about what's in the paper. You've still got to perform."
The Knicks clearly have a huge need on the front line after center Tyson Chandler suffered a fractured fibula. The defensive anchor will be sidelined for at least a month, and the Knicks, like many teams in the league, are known to be fans of Faried.
Yet it's believed that Denver is also seeking draft compensation, in addition to Shumpert, in exchange for Faried, who averaged 11.5 points and 9.2 rebounds in 2012-13, his second season as a pro. That could prove to be too high a price for the Knicks, who would prefer not to part with Shumpert but understand he is by far their most attractive trade asset.
ESPNNewYork.com's Ian Begley and ESPNNewYork.com contributor Matt Winkeljohn provided information in this report.