WEDNESDAY, 3:49pm: The Knicks have officially signed Brewer, tweets Jonah Ballow of NYKnicks.com.
TUESDAY, 10:52am: The Knicks have reached a contract agreement with Ronnie Brewer, according to TNT's David Aldridge (via Twitter). The former Bull will sign with New York on a one-year deal, which figures to be for the minimum salary.
Brewer was released by the Bulls earlier this month, clearing his non-guaranteed 2012/13 contract from their books. The 27-year-old had been set to earn $4.37MM if his contract with Chicago had been guaranteed, so he'll take a significant pay cut in joining the Knicks. Having spent their mid-level exception and with no means to sign-and-trade for Brewer, the Knicks can only offer the veteran's minimum for a player with Brewer's experience, which will be $1,069,509.
For the Knicks, Brewer represents a solid addition to a backcourt that is heavy on point guards and figures to be missing Iman Shumpert at the start of the season. Brewer will likely split time with J.R. Smith at shooting guard until Shumpert is healthy enough to return, and will perhaps see some time at the three as well.