The New York Knicks announced they agreed on a deal with forward Carmelo Anthony on Sunday.
Terms of the contract were not disclosed but ESPN.com reported that Anthony agreed to a five-year deal for more than $122 million. That is about $7 million less than a maximum contract.
"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,' " team president Phil Jackson said in a statement. "(General manager) Steve Mills and I have assured Carmelo through our conversations, that we share the vision and the determination to build this team."
The Knicks and Anthony have been negotiating the deal since Saturday.
Anthony also confirmed on his website Sunday that he has a deal in place with the Knicks.
"A few years ago I dreamed of coming back to New York City, the place of my birth, and on February 23, 2011 that became a reality," Anthony said in a statement. "This organization has supported me and in return, I want to stay and build here with this city and my team. At this pivotal juncture in my career, I owed it to myself and my family to explore all of the options available to me. Through it all, my heart never wavered."
Anthony, who became a free agent on July 1, also received interest from the Chicago Bulls, Dallas Mavericks, Houston Rockets and Los Angeles Lakers. He met with each of those teams last week.
ESPN reported that Anthony narrowed his choices to the Knicks and Bulls as recently as Friday.
"I will always remember this chapter in my life. In the end, I am a New York Knick at heart," Anthony said in the statement. "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."
First-year Knicks coach Derek Fisher said he was excited to be able to coach Anthony, a seven-time All-Star.
"I have had the opportunity to be around some of the greatest players in our game, and now I have the honor of coaching Carmelo," Fisher said in a statement. "This is an exciting time for the New York Knicks franchise and our fans. I look forward to working with him and building something special together."