Source: No negotiations with Shump

Iman Shumpert is entering the fourth and final year of his rookie contract. He is eligible to sign a rookie scale extension between now and Oct. 31.

According to league sources, the Knicks haven't had any contact with Shumpert or his representatives about a possible extension.

New York still has about four weeks to start talks with Shumpert, but the feeling here is that it will be content to let him enter next summer as a restricted free agent.

The Knicks are trying to keep their salary commitments at a minimum for the summer of 2015 and 2016, when they hope to be active in free agency.

Inking Shumpert to an extension -- which can be as long as four years -- would eat up cap space for the 2015 and 2016 offseason.

So we assume that the Knicks are willing to forgo the opportunity to extend Shumpert and see what his value will be as a restricted free agent this summer.

To make Shumpert a restricted free agent, the Knicks will have to submit a one-year, $3.7 million qualifying offer to him by June 30. They will then have the opportunity to match any offers Shumpert garners on the open market.

That's all assuming, of course, that the Knicks don't trade Shumpert during the season.

Shumpert was involved in constant trade rumors last year.

The Knicks, according to sources, continued to explore trade possibilities for Shumpert in the offseason but could not find an offer of equal value for their 2011 first-round pick.

The best-case scenario this season -- for both the Knicks and Shumpert -- is that Shumpert thrives in the triangle offense and continues to excel on defense.

If that happens, it will be interesting to see his value as a restricted free agent next summer.

Question: Do you think the Knicks should sign Shumpert to a rookie-scale extension? Or should they let him test free agency next summer?

You can follow Ian Begley on Twitter.