New York Knicks backup guard Jose Alvarado is declining his $4.5-million player option and intends to sign a new three-year deal worth over $14 million with the team, sources told ESPN’s Shams Charania.
Alvarado played a key role during the Knicks’ title run after joining the franchise as a midseason acquisition from the New Orleans Pelicans.
The 28-year-old averaged 6.6 points, 3.8 assists, two boards, and one steal across 28 regular-season appearances for New York.