9:55pm: The deal is for two years and is partially guaranteed, reports Newsday's Al Iannazzone (Sulia link; hat tip to Ian Begley of ESPNNewYork.com).
3:57pm: The Knicks have officially signed Smith, the team announced today in a press release.
1:43pm: The Knicks likely acquired Smith in order to assign his rights to their D-League affiliate, the Erie BayHawks, a source tells Jared Zwerling of ESPNNewYork.com.
11:49am: The Knicks have agreed to sign Chris Smith, J.R. Smith's younger brother, to a contract, according to Jared Zwerling of ESPNNewYork.com, who says the deal isn't official yet but should be finalized soon (Twitter links). Marc Berman of the New York Post tweets that the contract will earn the younger Smith an invite to training camp, though I'd imagine there's very little guaranteed money included.
Smith, 24, averaged 9.7 points per game in his senior year at Louisville and played for the Knicks' Summer League squad in Las Vegas in July. His numbers in Vegas weren't too impressive (5.2 PPG on .290/.375/.625 shooting) and he appears to be a long shot to earn a spot on the Knicks' regular season roster.