The New York Knicks decided not to buy out the contract of point guard Chauncey Billups on Wednesday, ensuring he will be with the team for his full $14.2 million salary for the 2011-12 season.

The Knicks had until Friday to pick up the option or pay Billups a $3.7 million buyout.

"Chauncey, Amare [Stoudemire] and Chauncey [Billups] are a great nucleus, as we continue to look to improve our team going into the offseason," Knicks president of basketball operations Donnie Walsh said in a statement. "Chauncey is an extremely talented and experienced point guard -- we are very happy to have him back."