NBA Trade Rumors and Free Agency 2013 News: J.R. Smith Could Resign With New York Knicks Following Playoffs, Reports Say

Barely two days removed from a bitter postseason loss to the Indiana Pacers, the New York Knicks could be getting back one of their key pieces for an extended period of time.

According to reports, J.R. Smith, the reigning Sixth Man of the Year, is expected to opt out of his current contract and resign with the Knicks on a four-year deal. The New York Post first reported the story Monday.

As the Post notes, Smith's deal should be starting around $5 million because the Knicks own his early-Bird rights rules, which allow a team to exceed the salary cap to sign Smith. The Knicks are over the salary cap due to huge contract payouts for Carmelo Anthony, Amar'e Stoudemire and Tyson Chandler.

Smith was sensational during the regular season as the second leading scorer for the Knicks (18.1 points, 42.2 percent shooting) just behind NBA scoring champion Anthony, but struggled during the playoffs, with poor shooting and rumored heavy after-hours partying during the postseason marring his playoff run. Despite this, Smith, 27, was still in position to fence a pretty penny for his services during the offseason from suitors who could use his energy and sparkplug-like offense.

The Knicks, however, appear to have gotten the inside track in former Louisville player Chris Smith, J.R.'s younger brother. According to the Post, Chris has hired Leon Rose and appears to be in talks with the Knicks that have Chris close to signing.

"Will be back next season along with my big brother @TheRealJRSmith," Chris tweeted on his account.

As CBS Sports.com notes, Chris went undrafted in the NBA draft last year, but was given a roster spot on the Knicks' Summer League team, where he averaged 5.2 points in 19.4 minutes. While he was given a training camp invite, a knee injury derailed his hopes of joining the team and he was waived prior to the start of the season. A deal with Chris could entice J.R. further to return to the team where he enjoyed arguably his best season ever in the NBA.

After Game 6 against the Pacers, Smith said "I want to retire a Knick."

If things go according to plan, it appears Smith could be getting his chance.