Star forward Durant could leave the Golden State Warriors in the summer after three seasons in the Bay Area.
Frazier was part of the last Knicks team to win a championship back in 1973, and thinks Durant would be a perfect fit for his beloved franchise.
He said: “We’re hoping for Durant, or perhaps Kyrie Irving – either one of those guys would make us a better team.
“We can’t believe it has been almost 50 years since the last title.
“In 1994 we had Pat Riley and Patrick Ewing – that was our year, we should have capitalised.
“Now I’m very happy with management.
“They’re talking about patience, which is not in the New York Knicks vocabulary, building through the draft and next year we’re hoping to get a big time free agent.”
Frazier added: “If the glory days came back I could not spend any money in New York.
“When the team is winning, everywhere I go someone’s buying my meals and drinks.”
New York have lost 17 of their 25 games so far this season, but have done so without their seven-foot All Star Kristaps Porzingis, who tore his ACL late last season.
Frazier, though, doesn’t want to see the Knicks deliberately lose for the rest of the season in order to gain higher picks in the draft.
He said: “Most seven foot guys couldn’t walk and chew gum at the same time when I was playing.
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“Now you have players like Giannis Antetokounmpo bringing the ball up the court at 6ft 11in, Kristaps Porzingis at 7ft 2in – it’s extraordinary, the size of these guys.
“Players never tank. When they come on the court they aren’t thinking of draft choices, they’re playing for pride.
“That’s how the philosophy of the fans has changed.
“Now they see what Philadelphia has done, how they tanked for three or four years and are now an elite team.
“Fans are willing to lose to get better draft choices.”
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