WEDNESDAY, 8:07am: Wallace missed the Knicks' first practice on Tuesday because his contract has yet to be finalized. Agent Bill Strickland is working out some "minor details" of the agreement, writes Marc Berman of the New York Post, who adds that Wallace's pact is unlikely to be guaranteed unless he makes the team.
MONDAY, 10:46am: Wallace has yet to sign with the Knicks, but the team still he expects him to, as GM Glen Grunwald told the media today (Twitter link via Al Iannazzone of Newsday).
FRIDAY, 11:48am: Rasheed Wallace has informed the Knicks that he'll come out of retirement and will be in attendance on Monday when the team opens training camp, according to Marc Berman of the New York Post. As of this morning, agent Bill Strickland said he hadn't begun formal contract negotiations with the Knicks, but it appears Wallace will officially sign with the team within the next few days.
Jared Zwerling of ESPNNewYork.com had reported earlier today that Wallace took a physical on Thursday and that Knicks players expected the team to sign the veteran forward. Newsday's Al Iannazzone, meanwhile, heard from Strickland that if his client decided to come out of retirement, it would be for the Knicks (Twitter link).
If and when Wallace's deal becomes official, it would put the Knicks' roster at the offseason maximum of 20 players. Assuming the team guarantees Wallace's contract, 14 of those 20 players would be fully guaranteed.
Ian Begley of ESPNNewYork.com reported today (via Twitter) that the Knicks could still attempt to sign Josh Howard if Wallace agreed to join the team, but it would likely be one or the other. If New York did still want to add Howard, the club would need to waive another player to make room.