The Heat have long been linked to Lowry, so it wouldn’t surprise anyone if Miami pursued the 35-year-old in free agency.
New York will have significant cap space this summer.
Current starting point guard Elfrid Payton and reserve Derrick Rose will be free agents this offseason. Frank Ntilikina will be a restricted free agent.
Given how well Rose has played and give his history with Knicks head coach Tom Thibodeau, it's logical to assume the Knicks will make Rose a strong offer in free agency.
That wouldn't preclude them from offering Lowry a one-year deal worth more than the annual value of any multi-year offers he gets from other teams. The Knicks can also offer Lowry a multi-year deal in free agency.
In addition to Lowry, Dennis Schroder is also on New York’s radar as it plans for the 2021 offseason. The Knicks spoke to New Orleans about a trade for Lonzo Ball prior to the deadline. Given that, it seems like they will at least consider making an offer to Ball, who will be a restricted free agent.
The Knicks – and most other NBA teams – are monitoring the Portland Trail Blazers' situation in the highly unlikely scenario that Damian Lillard seeks a trade. Lillard has consistently stated his desire to win in Portland, so it seems highly unlikely that he would seek a trade.