The news comes after reports that the Wolves were shopping Ridnour ahead of the trade deadline, so linking the two stories together, this rumor does seem to have a reasonably solid foundation.
As for who would be headed to the Twin Cities if a trade was to take place, we don't yet know, but it is worth noting that the Timberwolves made a "generous offer" to Ronnie Brewer in the offseason that he ultimately turned down (via Pioneer Press).
Since Brewer hasn't been much of a factor for the Knicks since Iman Shumpert's return from injury, it makes sense that he'd be one of the players leaving town. That said, since Brewer's salary of $0.83 million is less than the $4.0 million owed to Ridnour, other players would have to be added for a deal to work out.
Kurt Thomas and James White, as the Knicks' two least important players, would likely be included in the deal, and possibly Pablo Prigioni as well, as there would be no need for him with Ridnour taking his place as the back-up point guard.
In Minnesota, Prigioni would also have the chance to join up with a fellow ex-Spanish League floor general in Ricky Rubio.
With all four players in the deal, the salaries just about match up, and it also opens up roster space for the Knicks to make a move for a free agent like Kenyon Martin or Lou Amundson, but a future draft pick may have to be added to sweeten the deal for the Wolves, since Ridnour would clearly be the best player in the deal.
Moving away from the practicality of a deal, it would be a worthwhile move for the Knicks from a purely on-court perspective.
Ridnour is a huge upgrade on Prigioni as the back-up point guard and will be perfectly capable of picking up slack when Raymond Felton struggles or misses games with injury.
He also has the capability to play both guard positions, giving Jason Kidd the chance to play some reduced minutes and stay fresh for the playoffs.
On the season, Ridnour is averaging a solid 12.2 points and 3.9 assists but is also playing starter's minutes, so he wouldn't be quite as productive on the Knicks.
Still, Ridnour is a very good all-around point guard—especially for a bench player—and is the type of addition that could make the Knicks the deepest team in the league.
It all depends on what the Timberwolves ask for in return, but if they don't have to give up someone as important as Shumpert, adding Ridnour could be just the high-reward move the Knicks are looking for.