Jose Alvarado is rejecting a $4.5 million player offer and intends to sign a new three-year contract worth more than $14 million to return to the New York Knicks, sources told ESPNโs Shams Charania.
The guard was acquired from the New Orleans Pelicans during the season and had a $4.5 million player option for the following season.
โIโm home,โ Alvarado wrote on X, ending his post with a series of orange and blue hearts.
Iโm Home ๐งก๐๐งก๐๐งก
โ Jose Alvarado (@AlvaradoJose15) June 26, 2026
Alvarado did return home on Feb. 5 when the Knicks acquired the Brooklyn native, who attended Christ the King High School.
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He was primarily Jalen Brunsonโs backup, but was on the court with the All-Star for much of the fourth quarter of the Knicksโ 107-106 victory over the San Antonio Spurs in Game 4 of the NBA Finals, when they staged a record comeback from a 29-point deficit. Alvarado scored eight points and had three assists in that period.
The Associated Press contributed to this report.