I can't possibly imagine why we would do that. We just brought in two point guards (or 1.5, however you view it) and our single most impacted position is the SF. And Jeffries is horrible. And as best I can tell, Nate's a free agent, and you can't package up a guy in a sign-and-trade.
So on the whole, I think this is the New York media dreaming that somebody might take Jeffries off their hands, and nothing more.