9:28pm: Frank Isola of the New York Daily News writes that the proposed deal from the Knicks is for four years and worth $24MM.
7:30pm: Earl Smith, J.R.'s father, told several reporters, including ESPN's Ian Begley, that they have a "couple" offers on the table, and that nothing will be signed until Friday (Twitter links here). The Smiths are hoping for a better offer, and none of the ones on the table have bowled them over.
7:02pm: Unrestricted free agent J.R. Smith is nearing an agreement to re-sign with the Knicks, tweets Adrian Wojnarowski of Yahoo Sports. Frank Isola of the New York Daily News tweets that nothing is official yet, but the two sides are finalizing a deal. Wojnarowski adds, again via Twitter, that the amount of years and options in the deal are still being discussed.
Today alone, we've seen several reports indicate Smith would be difficult for the Knicks to retain. Chris Copeland and Pablo Prigioni are also free agents that the team may be interested in bringing back.