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.
I’m Home 🧡💙🧡💙🧡
— Jose Alvarado (@AlvaradoJose15) June 26, 2026
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.
He gave the Knicks solid minutes in the Finals against the San Antonio Spurs, including eight points and three assists in the club's historic 29-point comeback win in Game 4.
New York also brought back restricted free agent Mohamed Diawara on a multi-year contract worth over $10 million, according to Charania.
Meanwhile, reserve center Mitchell Robinson is reportedly unlikely to re-sign with the Knicks.
Team owner James Dolan has been vocal about avoiding the second apron.
