Can't wait to play in the Mecca!! Excited to be joining such a historic franchise @NYKNICKS!!!— Brandon Jennings (@thinkiminthe90s) July 4, 2016
A source told ESPN that the deal is for one year and approximately $5 million. The Jennings' signing gives the Knicks a reserve guard to back up starter Derrick Rose.
A six-year veteran, Jennings flashed brilliance in Milwaukee before enduring injury-riddled stints with the Pistons and Magic. He suffered a torn left Achilles in January 2015, and in the last half of the 2015-16 season with the Magic, he produced 20 points or more on three occasions, as well as a pair of double-digit assist outings.
Prior to suffering the Achilles injury, Jennings played 41 games with the Pistons, averaging 15.4 points and 6.6 assists. The Knicks looked into trading for Jennings prior to the 2016 trade deadline, according to sources, prior to his trade to the Magic.
In addition to signing Jennings, the Knicks rescinded their $2.7 million qualifying offer to Langston Galloway on Monday to free up cap space, according to sources.
The Knicks also agreed to a four-year deal with free agent Lance Thomas that starts at $6.1 million on Monday. The club will likely use Thomas' Early Bird rights to complete the deal, which gives them an opportunity to use remaining cap space on other players.
New York has already added center Joakim Noah and shooting guard Courtney Lee in free agency. The club would also like to sign 2015 second-round pick Willy Hernangomez. With Jennings on board, it appears as if the first six players in the club's rotation for 2016-17 are in place.
Information from ESPN's Ian Begley was used in this report.