Simply put it's a bad rumor, darryl morey would never let it happen, he will always get value out of his trades, just look at his history- turning a late 1st round pick into ron artest, and the SCOLA deal for nothing...as well as drafting studs like brooks and landry in the same draft.
Both players from the Knicks would be worthless to the rockets especially hughes ( why would we want an old slow shooting guard thats over paid and throws up bricks, we get that with an injured TMAC)+ MOBLEY has to unretire for that to happen.
I see them either holding on to him until Feb and seeing how he pans out(see how hard he works over summer etc) or they trade him for a Jameson, turk or a high quality C or SG they need to fill) But they will buy a late 1st round pick to solve one of those issues, and use them as a backup.... so no need to stress yet mate.
As for the Knicks, I can see Amare or Nash or both ending up in NY to play under Mike again... something tells me the suns may start from scratch again