Knicks acquire Jazz's No. 23 pick, reportedly seeking Cavs' No. 5 selection

The New York Knicks acquired the No. 23 selection and the draft rights of Ante Tomic from the Utah Jazz in exchange for the 27th and 38th overall picks, the Knicks announced Wednesday.

New York has offered the newly acquired pick and the eighth selection to the Cleveland Cavaliers for their No. 5 pick, but Cleveland is holding out for more, sources told The Athletic's Kelsey Russo.

The Knicks are said to be targeting Dayton standout and reigning Wooden Award winner Obi Toppin, according to Sports Illustrated's Jeremy Woo.

The New Orleans Pelicans and Atlanta Hawks conducted a similar draft-day deal last year. New Orleans received picks Nos. 8, 17, and 35 in exchange for the fourth selection.

New York is among multiple teams that own at least two first-rounders.