The next 48 hours could determine whether James Dolan will trade a piece of the Knicks’ future — in the form of either a young player or a first-round pick — to acquire Toronto Raptors point guard Kyle Lowry.

With starting point guard Raymond Felton expected to be sidelined two to three weeks with a strained hamstring, Dolan could be forced into reconsidering a deal for Lowry if the Knicks continue to struggle against the Hawks on Saturday.

The Daily News reported on Friday that Dolan is having second thoughts about including either Tim Hardaway Jr. or a 2018 first-round pick as part of a package featuring Felton and Metta World Peace. Dolan prefers to keep Hardaway, the Knicks’ 2013 first-round pick, and is reluctant to part with a future first-round pick due to the perception that Toronto GM Masai Ujiri has “fleeced” him in previous deals.

The News also reported that Dolan, who has been at war with the media for years, was livid that details of the trade were leaked to several news organizations. There are theories that a Knicks official leaked the trade proposal, believing that potential negative reaction by fans would encourage Dolan to pull the deal off the table.

The trade is not dead because any deal featuring a player signed as a free agent can’t be consummated until Sunday. In Dolan’s now infamous Q&A last month he incorrectly stated that trades can’t be made until Dec. 15. The Raptors, in fact, traded Rudy Gay to the Sacramento Kings last Sunday.

But for Dolan to cite Dec. 15 as a target date suggests that the organization has discussed deals that would include Hardaway Jr., World Peace and Beno Udrih.

Dolan and Ujiri have a history dating back to 2011 when Ujiri was the GM of the Denver Nuggets and traded Carmelo Anthony to the Knicks. In return, Dolan met all of Denver’s demands — against the advice of then-Knicks president Donnie Walsh — and traded Danilo Gallinari, Wilson Chandler, Timofey Mozgov, Felton, $3 million in cash plus a 2014 first-round pick and two second-round picks.