The New York Knicks have agreed to sign Tim Hardaway Jr. to a four-year, $71 million offer sheet. Hardaway will receive a player option in the final year of the deal.

Hardaway was drafted by the Knicks with the 24th overall pick in the 2013 draft out of Michigan and was traded to the Atlanta Hawks after his second season for a first round pick that became Jerian Grant.

Hardaway averaged 14.5 points, 2.8 rebounds and 2.3 assists in 27.3 minutes per game last season with the Hawks.

In order to create the cap space to sign Hardaway, the Knicks will need to renounce Derrick Rose's $29.7 million cap hold.

The Knicks also pursued Dion Waiters in free agency.

According to Zach Lowe, the Hawks were prepared to offer a four-year, $48 million deal to Hardaway.