Smith expected to return to the Big Apple next season.
The New York Knicks have reportedly come to an agreement with J.R. Smith according the player’s agent, after the guard had tested the free agency market.
It is understood the 27-year-old has agreed on a four-year deal worth $24.7m, which is the maximum amount that the Knicks could have offered under the Early Bird Rights, as reported by ESPN.
This allows a team to offer the average player salary with standard annual rises of 7.5 per cent, with the average salary of the league currently standing at $5.5m.
Smith’s agent, Leon Rose, revealed that the guard had other offers aside from the Knicks, but wanted to stay in the city after rejecting deals from the Milwaukee Bucks, Detroit Pistons and Dallas Mavericks.
Last year’s Sixth Man of the Year winner has previously spoken about his strong relationship with coach Mike Woodson, and his decision will see him remain close to his family in New Jersey.
Smith will also have the chance to build on his partnership with Carmelo Anthony, as the Knicks look to put the pieces in place around their star to be able to win a championship next season.
He averaged 18.1 points and 5.3 rebounds per game last season, but while he played an integral role in the Knicks’ rise during the regular season, he went missing when it really mattered in the playoffs.
Signings can’t be made official until July 10, but it is now widely expected that the star will put pen to paper on a new deal with the Knicks, and continue to play his basketball at Madison Square Garden next year.