The sides are working through the final details Wednesday, and once fully complete, Hart will continue his participation with Team USA on its way to the FIBA World Cup.
Hart's deal -- which he will become eligible to sign Thursday -- will deliver him a total of $94 million through the 2027-28 season. The $81 million is the maximum that Hart can sign for and is 140% off his $12.96 million contract in 2023-24. He will receive $18.1 million in the 2024-25 season.
Once Hart picked up his $12.9 million player option for the 2023-2024 season in June, the Knicks were able to use their full midlevel exception in free agency -- which landed them Hart's ex-Villanova teammate Donte DiVincenzo on a new four-year deal.
Hart arrived with the Knicks in a trade deadline deal with the Portland Trail Blazers in February and made a significant impact on the franchise's advancing to the Eastern Conference semifinals. Hart is currently playing for Team USA as it prepares for the FIBA World Cup in the Philippines this month.
Hart shot 58% overall and 52% from 3-point range in his 25 regular-season games for the Knicks, partnering with Immanuel Quickley to become one of the league's most impactful second units. Hart developed into one of the NBA's most capable undersize rebounders and demonstrated an ability to guard multiple positions. A good facilitator and finisher at the rim, his shooting flashed in New York was the missing piece to complete an all-around offensive game.
The Knicks are the fourth team in Hart's six-year NBA career, which began with the Los Angeles Lakers drafting him with the 30th pick of the 2017 first round and eventually including him in the Anthony Davis trade to the New Orleans in 2019.
Hart was part of the 2016 NCAA championship team at Villanova with his Team USA and Knicks teammate Jalen Brunson and DiVincenzo and was selected the Big East's Most Outstanding Player.