THURSDAY, 12:22pm: The Knicks have officially re-signed Martin, the team announced today (Twitter link).
WEDNESDAY, 3:32pm: Martin will make the minimum on a one-year deal, Wojnarowski reports.
2:51pm: Kenyon Martin and the Knicks have reached an agreement that will see the veteran big man return to the team, tweets Adrian Wojnarowski of Yahoo! Sports. Multiple reports over the last ten days have indicated the team and agent Andy Miller were moving toward a pact. Martin is eligible to sign for up to 120% of the minimum salary via Non-Bird rights.
Martin sat out the first half of last season hoping for a deal worth the mini mid-level, but settled for a pair of 10-day contracts from the Knicks, who followed in February with a deal for the rest of the season. The 35-year-old paid dividends, averaging 7.2 points and 5.3 rebounds in 23.9 minutes per game during 18 regular season contests, 11 of them starts. Those numbers were only down slightly in the playoffs, when he mostly appeared off the bench.
The former No. 1 overall pick may have his greatest influence on defense, as Grantland's Zach Lowe points out via Twitter. The Lakers, Clippers, Spurs and Nets all reportedly had interest as free agency began, with San Antonio perhaps the most aggressive suitor. Martin appeared to have his eyes on the Lakers at one point, but it became increasingly apparent that a return to New York was in the offing.