The Knicks are re-signing Jose Alvarado to a three-year contract worth $14MM+, league sources tell Shams Charania of ESPN (Twitter link). Alvarado will decline his $4.5MM player option for next season to complete the transaction, Charania adds.

Steve Popper of Newsday, who confirms (via Twitter) the news, hears Alvarado’s new deal is worth around $15MM and the two sides are working through what his starting salary will be in 2026/27.

More to come…