Report: Knicks’ Jose Alvarado to decline player option, re-sign on three-year deal

Guard Jose Alvarado is set to decline his player option and return to the Knicks on a new three-year, $14-plus million deal, according to ESPN’s Shams Charania.

Alvarado landed with New York as part of a February trade with the New Orleans Pelicans. In 28 regular-season games with the Knicks down the stretch, the 28-year-old averaged 6.6 points, 3.8 assists and 1.0 steals on 41.4 per cent shooting while averaging 16.9 minutes of action per contest.

The Brooklyn, N.Y., native saw his role decrease in the post-season, but appeared in 18 of the Knicks’ 19 playoff games, averaging 4.2 points and 43.3 per cent shooting from the field.

New York is Alvarado’s second NBA stop after spending five years with the Pelicans, signing as an undrafted free agent in 2021.