The day Knicks fans have awaited for years may finally be approaching.

Sort of.

First, the good news: It appears the team is looking seriously at replacing team president Isiah Thomas. The Daily News reported yesterday that owner James Dolan and his minions have been discussing handing Thomas’s job as team president to Kiki Vandeweghe — who currently works as the general manager for the Nets but has a contract that expires after the season.

News of somebody with half a brain potentially taking over the franchise has to excite Knicks fans … until they hear about the crazy twist. According to the News, Dolan wants Zeke to stick around as coach even after he’s deposed as president. So he’d only be half-fired, which falls about 50% short of the amount of firing Knicks fans request in unison at every home game.

I guess Jimmy’s still trying to prove that the four-year extension he gave Thomas last spring was something other than nonsensical idiocy, because that’s the way he works. No, Dolan couldn’t have been wrong about Isiah’s extension — he just needs to lighten his workload and then the full extent of his prize pupil’s genius will become clear.

Or maybe Dolan is just trying to save the $24 million he reportedly owes Isiah during the next four years. That would be ironic in light of how much dough Thomas has cost the team between his indefensible personnel moves and his defeat in a sexual harassment lawsuit.

At any rate, it’s hard to get excited about the ‘Bockers if they’re still coached by a guy on whom the players have openly quit. It’s unthinkable that he could win back the locker room unless the Knicks trade the entire roster during the summer — it’s that bad. Worse yet, it’s unclear how much power the new team president, be it Vandeweghe or somebody else, would have to show Isiah the door. In fact, power may be a big reason Dolanis looking at Vandeweghe rather than a couple of other candidates. The two biggest names linked to New York’s opening-to-be are former Suns czar Jerry Colangelo and semiretired Indiana Pacers team president Donnie Walsh.

Both have sterling track records and would view rebuilding the Knicks as the final challenge of their impressive careers, but each comes with a catch: They want total control.

That means none of Jim Dolan’s impulsive and crazed personnel decisions (here’s $100 million, Mr. Houston!), none of his sacred cows from the past administration (such as Isiah, for instance), and certainly no more of his counterproductive, alienating policy of dealing with the press, one that’s better suited to the KGB than the NBA.

It’s a testament to the lure of the New York market and the Knicks’ proud history that men such as Colangelo and Walsh would consider taking over the team despite its deplorable long-term position and moronic ownership. Unfortunately, it won’t happen unless Jimmy has a massive moment of clarity. Given how delusional he’s been the past few years, that doesn’t seem likely.

Though Dolan reportedly has been pressured by the league to hire one of those two men to take over the franchise, in the end it’s his team, his ego, and his decision. That’s why Vandeweghe is likely to eventually be the guy: He’d be more willing to play Dolan’s game in return for the promotion to team president.

In truth, this isn’t a terrible fallback position. Vandeweghe doesn’t have the track record of Walsh or Colangelo — few people do — but he has several positives. He played for the Knicks during the ill-fated Stu Jackson era and his father Ernie also played here in the early 1950s, so clearly he understands the pressures of playing in New York. Additionally, he’s a reasonably likable guy with a degree of humility — a rare sight around MSG in recent years.

That said, his record does come with some warts. He served as general manager of the Nuggets from 2001 through 2006, helping to rebuild Denver from a lottery team into a playoff contender. The key deal was, not surprisingly, a trade with the Knicks — he got Marcus Camby and the rights to big man Nene from New York in return for Antonio McDyess. He also made a solid move when he signed point guard Andre Miller to a free-agent deal.

However, the rest of his résumé looks spottier. He gave up three first-round picks in the sign-and-trade deal with New Jersey for Kenyon Martin, and Martin’s seven-year, $91 million contract has been one of the league’s worst values. He also passed on Amare Stoudemire in the 2002 draft … twice. One of them was the Nene choice, and the other was all-time bust Nikoloz Tskitishvili.

That said, if he’s hired by the Knicks his biggest move will be choosing the next coach … or rather, that’s what it should be. If he’s stuck with Isiah, he probably won’t accomplish much.

Nonetheless, it would offer a very slight glimmer of hope that perhaps things might get less awful. He’d presumably have the power to start trading the many misshapen pieces of this roster. And one hopes, at least, he’d have Dolan’s commitment to a genuine rebuilding project as opposed to the slapdash quick fix Isiah tried when he took over.

But it’s puzzling that Dolan can’t realize the huge public relations boost he’d get from cutting the cord with Isiah entirely. The fan base would be rejuvenated, to the point that they’d actually be willing to sit tight and support the team through the inevitable multi-year rebuilding job.

Unfortunately, that’s not Jimmy’s style. He’s constantly in search of the slapdash, overnight solution, and this move is another example. The Knicks’ house needs to be ripped down to the studs and completely rebuilt, but it seems Dolan is hoping a fresh coat of paint will hide all the rot. Thus, even if Isiah’s ruinous reign as team president ends, the Knicks’ misery seems set to continue for quite a while longer.

jhollinger@nysun.com