Officials from both teams will not confirm the report, but the Knicks have until 9 p.m. PDT to match the Rockets' offer.
If Lin leaves for Houston, it will be an incredibly disappointing day for Knicks fans. Linsanity was arguably the best thing to happen to the franchise since its 1999 NBA Finals appearance, uniting a city behind a player who transformed from NBA bench warmer to international sports star in about a week's time.
Still, as promising as the former Harvard graduate's future may look in Houston, Knicks fans can at least look back at the birth of Linsanity.
Check out the video above to see some of the biggest moments of Lin's breakout season.