Carmelo Anthony and Tyson Chandler return today from Houston, and Rasheed Wallace returns from oblivion.

The Knicks reconvene for the first time since the All-Star break, with their defensive power forward expected to participate in practice for the first time since suffering a stress reaction in his left foot in mid-December.

Wallace will not be ready to play tomorrow in Indiana, and how long he’s able to stay healthy is anyone’s guess. In the best-case scenario, he becomes the final piece to the Knicks’ championship push. If Wallace suffers a setback and breaks his foot, the Knicks could cut him and sign a free-agent forward, such as Kenyon Martin or Lou Amundson.

Wallace’s uncertainty presents Knicks general manager Glen Grunwald with impetus to trade for another big man by Thursday’s deadline, even though center Marcus Camby (plantar faciitis) is also expected back very soon.

“Rasheed likes the situation in New York, likes the team, thinks they can win and wants to make whatever contribution he can make,’’ his agent, Bill Strickland, told The Post. “He wants to contribute and feels he can on the floor or even off the floor. Even if he’s not dressing, he feels he can make a contribution with leadership and his championship experience. That’s why he’s been traveling with them.’’