Jose Alvarado will return to the New York Knicks on a multiyear contract, a person with knowledge of the deal told The Associated Press on Friday.

Alvarado declined his player option and is working with the NBA champions on a three-year deal, according to the person who spoke to the AP on condition of anonymity because the contract was not yet finalized. ESPN first reported the plan, saying Alvarado would make more than $14 million with the new deal.

The guard was acquired from New Orleans during the season and had a player option for $4.5 million for next season.

“I'm home,” Alvarado wrote on X, ending his post with a series of orange and blue hearts.

Alvarado indeed came home on Feb. 5 when the Knicks acquired the Brooklyn native who attended Christ the King High School. He was primarily a backup behind Jalen Brunson but was on the floor with the All-Star for most of the fourth quarter of the Knicks' 107-106 victory over San Antonio in Game 4 of the NBA Finals, when they made a record comeback from a 29-point deficit. Alvarado had eight points and three assists in the period.