Jose Alvarado will turn down his $4.5 million player option and re-sign a new three-year, $14+ million deal to remain with the New York Knicks, Yankee Scores reports.
I’m Home 🧡💙🧡💙🧡
— Jose Alvarado (@AlvaradoJose15) June 26, 2026
The guard was picked up from New Orleans during the season and had a $4.5 million player option for next season, per ESPN. “I’m Home” Alvarado wrote on X, with a series of orange and blue hearts to punctuate his post.
Alvarado did return home Feb. 5, when the Knicks traded for the Brooklyn native who went to Christ the King High School.
His primary backup was Jalen Brunson, but he spent most of the fourth quarter of the Knicks’ 107-106 Game 4 win over San Antonio in the NBA Finals on the floor with the All-Star as they staged a record comeback from a 29-point deficit. Alvarado added 8 points with 3 assists in the period.
Alvarado proved to be an indispensable piece of the Knicks’ historic title run after arriving from New Orleans in February, most notably anchoring the backcourt alongside Jalen Brunson during that legendary 29-point Game 4 comeback against San Antonio in the NBA Finals.
