(Reuters) - High-scoring All-Star Carmelo Anthony has re-signed with the New York Knicks, the National Basketball Association team said on Sunday.
Terms of the deal were not announced for the seven-time NBA All-Star forward.
"After three months of questions around Carmelo Anthony's return to the New York Knicks, we are now happy to know that we have the cornerstone of what we envision as a 'team of excellence.'" Knicks president Phil Jackson said in a statement on the team website.
"(General manager) Steve Mills and I have assured Carmelo through our conversations, that we share the vision and the determination to build this team.”
Anthony, who averaged 27.4 points last season for the Knicks was the biggest free agent on the market following Friday's decision by LeBron James to sign with the Cleveland Cavaliers.
“I am a New York Knick at heart,” Anthony said. “I am looking forward to continue my career in Orange & Blue and to work with Phil Jackson, a champion who builds championship teams. Madison Square Garden is the Mecca of basketball and I am surrounded by the greatest fans in the world.”
Media reports indicated Anthony could sign a five-year contract for as much as $129 million under NBA rules, but he may elect to take less in order to give the Knicks more room under the salary cap to improve the team by shopping for other free agents.
Anthony, 30, became a free agent by opting out of the final two years of a contract that would have paid him more than $23 million next season.
He had been hotly pursued by several teams including the Chicago Bulls, who were only able to offer him four years and $75 million due to their salary cap situation.
(Reporting by Gene Cherry in Raleigh, North Carolina. Editing by Alan Baldwin and Pritha Sarkar)