The New York Knicks have a major decision to make about their future with Carmelo Anthony, and things could be looking very different by the time free agency begins on July 1. 

Knicks president Phil Jackson has been vocal about his belief that it would be mutually beneficial for New York to move on from Carmelo. Anthony forced his way to the Knicks in 2011, hoping to be the spark that lit the franchise back up.

The team saw some success when he first arrived, but the Knicks have missed the playoffs in each of the last four seasons. New York looks like it needs a full rebuild with Kristaps Porzingis as their centerpiece, but there's no clear path there with Anthony in the picture still. 

The problem for Jackson and the Knicks is Anthony has a no-trade clause, barring them from moving him anywhere he doesn't want to go. Carmelo's Wife, La La Anthony, recently told talk show host Wendy Williams that Anthony's priority is to stay close to his son in New York. 

Outside of trading Anthony, buying out the remaining $54 million left on Carmelo's deal is an option for the Knicks. Anthony's camp has reportedly reached out to the Knicks as free agency inches closes to a buyout possibility, reports Marc Stein of ESPN. 

A buyout would be ideal for Anthony, allowing him an opportunity to consider all of his options as a free agent, but the Knicks would be losing out on receiving some sort of compensation for the 33-year-old star while also paying a player to not play for them. 

The situation is at an ugly standstill, with both sides having leverage in any negotiation. Carmelo can block any trade, and the Knicks can get out of Anthony - for a price. A buyout would be needed within the next several days for Carmelo to be part of the first wave of 2017 free agency signings. 

The Cavaliers are considered favorites to land Anthony if he does reach a buyout agreement with New York, according to ESPN, which would give the Eastern Conference champions some of the additional firepower it needs to match the Golden State Warriors.

Rumors surround Anthony and the Knicks should only intensify with NBA free agency beginning this weekend. Jackson and the front office have their work cut out, having to either find a deal Anthony signs off on, find the right price on a buyout should they go that route, or prepare for the Carmelo era to continue on until further notice.