Steve Novak staying with Knicks

Updated: July 9, 2012, 3:59 PM ET
By Jared Zwerling | ESPNNewYork.com

Sharpshooter Steve Novak has agreed to re-sign with the New York Knicks in a deal worth $15 million over four years. The financial terms were confirmed by Novak's agent, Mark Bartelstein.

After making only $992,680 in 2011-12, Novak will cash in on leading the NBA in 3-point percentage last season (47.2). But he had no other destination in mind. From the end of the Knicks' season to last week when the early Bird rights arbitration was settled, Novak expressed serious interest in returning.

"As I've said a million times, I would just love to be back," he told ESPN New York on July 1. "There's no question that coming back would be awesome."

Now the Knicks are looking to finalize how they're going to acquire Jason Kidd and Marcus Camby -- an outright signing or sign-and-trade. If the Knicks lock up Kidd and Camby, it's likely they'll also re-sign J.R. Smith and Jared Jeffries.

The Knicks also likely will match Jeremy Lin's offer sheet with the Rockets for four years, $28.8 million. The consensus feeling is that the Knicks will not let Lin go.

ESPN.com senior writer Marc Stein contributed to this report.

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