The New York Knicks are working on a four-year contract with shooting guard J.R. Smith, though nothing is official yet, according to Frank Isola of the New York Daily News.
Isola reports that Smith might get the "Average Player Salary Exception," which could net him $24 million over the life of his contract.
The 27-year-old Smith has spent two years with the Knicks, breaking out last year with a career-best 18.1 points and 5.3 rebounds per game off the bench. He opted out of a $2.9 million player option last month to become a free agent after originally inking a two-year deal with New York in July 2012.
Smith will now likely be with the Knicks for the foreseeable future as the club continues to add pieces to make a run at a championship. The Knicks also traded for former No. 1 pick Andrea Bargnani this week and are preparing to make an offer to the top pick in 1999, Elton Brand, according to ESPN.
More from SB Nation:
• The NBA's top 90 free agents | All NBA free agency news
• Dwight Howard finishes meetings, will decide soon
• Kings pull offer to Andre Iguodala
• Flannery: Tanking and rebuilding | Ziller: When it's OK to overpay