Since Gilbert Arenas cleared waivers we haven’t heard much chatter about the free agent.  The once highly coveted point guard has fallen from grace.  I think he still has something left in him, the question is what team is willingly to take the chance?  Read more after the jump.

@Shay_Marie x @gametimegirl

This is Arenas four team wish list.

• Lakers …

• Heat …

• Knicks …

• Or whichever team trades for Dwight Howard.

The Knicks, sources say, prefer Baron Davis to Arenas and are trying to convince BD to sign with them in the next 48 hours.

But the most interesting scenario I’ve heard all weekend is the idea that both Davis and Arenas could wind up in New York. One source close to the situation, in fact, says that the two Angelenos have discussed this concept.

Would the Knicks dare bring them both in? Seems unlikely with Mike Bibby already in New York, but you can make the argument that — given the bargain prices involved — Davis plus Arenas is at worst an intriguing option in the Knicks’ quest to develop a guard rotation on a par with the frontcourt power trio of Carmelo Anthony, Amare Stoudemire and Tyson Chandler.

The wild card in the equation is the Heat. They’re also said to prefer Davis to Arenas, but Miami can’t be ruled out for Gil. Not with Pat Riley in charge.

Thanks to multiple knee surgeries on top of the suspensions, Arenas has managed to appear in just 117 of a possible 328 regular-season games since signing that monster $111 million contract. Yet the fact remains that Miami needs backcourt help as much or more than the Knicks and has already illustrated Riles’ we’ll-try-anything nature with the recent signing of center Eddy Curry.

Stay tuned. If the Knicks don’t prove to be an option and Arenas is intent on waiting a while to see what Orlando decides with Dwight, Miami might have a window to start the season and get a sense of just how big its backcourt need will be before taking (or nixing) the Gil plunge.

Word is Arenas has established Miami as his East Coast base and would love to wind up there.

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