Sixth Man of the Year still wanted by the Knicks ahead of next season.
New York Knicks star J.R. Smith has opted out of his contract and will test the free agency market ahead of next season.
The 27-year-old earned the Sixth Man of the Year award last season, after averaging 18.1 points and 5.3 rebounds per game as the Knicks ended the regular season in second place in the Eastern Conference.
However, he struggled to replicate that form in the postseason and ended the campaign shooting 29 percent and with a whole host of poor decisions behind him as New York crashed out to the Indiana Pacers.
Nevertheless, it is expected that he will receive interest from several other franchises over the summer, and his decision comes as no surprise as he can make much more than the $2.9m he was scheduled to earn next season.
It is understood he is happy working under coach Mike Woodson and appearing alongside Carmelo Anthony, and playing for the Knicks also gives the New Jersey native the opportunity to be close to his family.
In addition, the Knicks are believed to have made it a priority in the off season that he re-signs, and they are likely to be able to offer him a new deal in the region of $5m per season.
New York have a number of decisions to make this summer aside from Smith, with both Chris Copeland and Pablo Prigioni both likely to join him in free agency.
However, interest is high in Copeland, as the rookie averaged 8.7 points per game last season and looked like he had plenty to offer moving forward.