- Mike Mazzeo, ESPN New York Writer
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Shumpert, 22, is currently recovering from a torn left ACL/meniscus. The Knicks hope to get him back in January.
The second-year guard, who excels on the defensive end of the floor, averaged 9.5 points, 3.2 rebounds and 2.8 assists in his rookie season.
The Knicks selected Shumpert in the first round of the 2011 NBA draft.
The New York Knicks have exercised Iman Shumpert's third-year option, the team announced Tuesday.