1:40pm: The deal is official, the team announced (Twitter link).

11:43pm: The money is partially guaranteed for next season, Berman now says (on Twitter).

11:40am: The sides have agreed to a deal that covers this season and next with full guarantees, Berman reports (on Twitter). Begley corroborates that the deal is indeed done (Twitter link). It’ll be for the minimum salary, since that’s all the Knicks can hand out.

11:17am: The deal isn’t done yet, but it should be soon, league sources tell Ian Begley of ESPNNewYork.com (Twitter link).

10:33am: The Knicks have reached a deal to re-sign Langston Galloway, reports Adam Zagoria of SNY.tv (Twitter link). It’ll cover at least the rest of the season, since Galloway has already played through a pair of 10-day contracts with the team, and the sides were reportedly negotiating about additional years as part of his new deal. The Knicks were hesitant to give the combo guard the guaranteed salary for next season that he was seeking, as Marc Berman of the New York Post reported Monday, but the terms of the deal they’ve apparently struck aren’t immediately clear.

Other teams were poised to jump in if the Knicks couldn’t secure the undrafted 23-year-old out of St. Joseph’s, according to Shams Charania of RealGM, an indication of the strong impression he made while with New York on his pair of 10-day contracts, the last of which expired after Monday. Galloway averaged 12.1 points, 4.1 rebounds and 3.0 assists in 28.0 minutes per game over eight appearances for the Knicks, and he started half of those games. He was with the Knicks during the preseason and played for New York’s D-League affiliate prior to his first 10-day deal.

The Michael Siegel client is set to become the 13th player signed through the end of the season on New York’s roster. The Knicks are also carrying Lou Amundson and Lance Thomas on their second 10-day contracts with the club. Amundson’s deal expires at the end of Thursday, and Thomas’ comes up on Friday.