J.R. Smith agrees to re-sign with Knicks on 2-year deal

J.R. Smith will re-sign with the New York Knicks on a 2-year deal worth $5.6 million.

J.R. Smith has agreed to re-sign with the Knicks. (Getty Images)

Another Knick is headed back to Gotham.

Unrestricted free agent guard J.R. Smith has agreed to re-sign with the New York Knicks, league sources confirmed to CBSSports.com on Monday night. ESPNNY.com first reported the agreement.

Smith is expected to sign a 2-year contract worth $5.6 million, with a player option on the second season, in Los Angeles. The deal can't be made official until late Tuesday night, when the NBA's 10-day free agency moratorium is lifted at midnight Eastern on July 11.

The contract represents the largest offer that New York, who is over the salary cap, could make to Smith, who joined the Knicks in February after playing in the Chinese Basketball Association during the lockout.

Smith, 26, averaged 12.5 points, 3.9 rebounds and 2.4 assists off the bench for the Knicks last season. 

The Knicks have also agreed to sign unrestricted free agent guard Jason Kidd, agreed to re-sign unrestricted free agent forward Steve Novak and agreed to a sign-and-trade with the Houston Rockets for unrestricted free agent center Marcus Camby this week.

The Rockets have agreed to a 4-year offer sheet for Knicks restricted free agent guard Jeremy Lin. New York will have three days to match the offer once the moratorium is lifted and the offer sheet is officially extended. The Knicks are expected to match.