A relocation to a lottery-bound team will certainly send Kyle Lowry back on the market — whether via trade or after a buyout — which makes an interesting option for the Knicks should they chase another Villanova Wildcat.

Lowry was traded Tuesday from the Heat to the miserable Hornets for Terry Rozier, according to multiple reports.

The 37-year-old point guard had seen his minutes and production drop after two strong seasons in Miami, which included dominating bench performances in last season’s second-round series victory over the Knicks.

With Lowry’s nearly $30 million expiring contract still viewed as an asset, the Hornets are reportedly eager to hold on to him until next month’s trade deadline to find a deal.

The Knicks, who, according to sources, are shopping Evan Fournier and Quentin Grimes, would have a difficult time putting together a package to match Lowry’s salary.

He’d be more likely to arrive as a free agent if the Hornets fail to agree to a deal and he’s bought out. The Philadelphia native would then get to choose his destination.

If Lowry’s bought out, there’d be no shortage of suitors in a win-now mode looking for his help — whether it’s the Lakers, Sixers, etc.

Tom Thibodeau is an unapologetic fan of Lowry and called him this season “one of the elite guards in the league for a long time.” That followed Thibodeau’s effusive praise of the NBA champion during the Heat-Knicks playoff series.

“Whether you ask him to start or come off the bench he’s gonna be really effective,” Thibodeau said as the Heat defeated the Knicks in six games, with Lowry leading all scorers off the bench at 12.2 points per game.

Now Lowry’s minutes (28 per game), points (8.2) and assists (4.0) are at their lowest since at least the 2009-10 season.

He was traded because Miami’s bench offensive production was suffering, and Rozier provides a scoring punch.

The Hornets (10-31) are enduring another ugly season, besieged by injuries and poor defense, with no reason to keep Lowry.

They have another ill-fitting veteran on an expiring contract, Gordon Hayward, 33, who is a buyout candidate if he’s not traded by Feb. 8.

Thibodeau, it should be noted, has also been an admirer of Hayward’s game and wanted the Knicks to sign him as a free agent in 2020.

“He reminded me of Jimmy Butler in terms of his decision-making and ability to make other people better,” Thibodeau said after Hayward signed with the Hornets for four years, $120 million. “And that goes a long way, in terms of winning.”

The Knicks, per multiple sources, plan “to be active” until the trade deadline.

With the unlikelihood of a blockbuster deal materializing until the summer, the Knicks, according to opposing teams negotiating with them, are focused on acquiring a ball-handler especially and a big man since, among other reasons, Mitchell Robinson’s near future remains in flux.

There’s also a willingness, per sources, to take on multiyear deals that could be packaged in a later blockbuster.

The Knicks already have four of the 12 former Villanova players currently in the NBA. Those four — Jalen Brunson, Josh Hart, Donte DiVincenzo and Ryan Arcidiacono — all played together in college. Lowry left the school several years prior.