Jeremy Lin To Rockets? Knicks Reportedly Letting Go Of Linsanity [UPDATED]

It looks like Linsanity is on its way out of the Big Apple.

According to Howard Beck of the New York Times, the New York Knicks have decided not to match Houston Rocket's offer to Jeremy Lin. The Knicks officially have until midnight to decline to match the offer for the unrestricted free agent.

Shortly after Beck's tweet set Twitter aflame, Ken Berger of CBS tweeted that he had received confirmation of the Knicks' decision.

In a story published not long after his tweet, Beck did provide New Yorkers who adore Lin a glimmer of hope, indicating that there was an "incredibly small" chance that the Knicks could reverse their decision on Lin.

CLICK HERE for Beck's report.

Berger's league source also left open the door, however slightly, for a reversal.

Over the weekend, Lin signed the Rockets' offer sheet worth a little more than $25 million over three years. After the Knicks had already acquired veteran point guards Jason Kidd and Raymond Felton, matching Houston's offer became unlikely.

When asked about the intrigue surrounding the young star's contract status, Carmelo Anthony described the lucrative deal on the table from Houston as "ridiculous."

According to Frank Isola of the Daily News, Houston were unaware of any Knicks decision at the time of Beck's initial report.

Again, this seems to support the notion that a possibility remains the organization will bring Lin back to Madison Square Garden for a second season. Such a move would delight the fans who signed a petition urging the Knicks to keep despite the luxury tax penalties the team would receive by matching the Rockets' offer.

Although Knicks owner James Dolan was spotted with coach Mike Woodson at the NBA's summer league in Las Vegas, the team made no statements as the initial reports on the team's decision began disseminating widely.

With the Knicks deadline for matching the Lin's offer sheet from the Rockets approximately 90 minutes away, Marc Spears of Yahoo! tweeted that the team had confirmed the team's decision not to match.