Hoops Nation

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

(Via CBSSports)