The second year of the deal is a player option, a source told Y! Sports.
World Peace and his agents, Marc Cornstein and Peter Cornell, met with Knicks general manager Glen Grunwald and coach Mike Woodson on Monday in Las Vegas and agreed to the deal in the meeting, league sources said.
Los Angeles Lakers amnestied World Peace last week. He went unclaimed in the amnesty waiver process and became a free agent on Sunday evening.The
World Peace – once known as Ron Artest – grew up in the Queensbridge section of New York and attended St. John's University.
The Lakers must pay the balance of World Peace's contract – $7.7 million for the 2013-14 season – but it doesn't count against the franchise's salary cap.
World Peace, 33, averaged 12.4 points, five rebounds and 1.6 steals in 75 games last season. The Knicks will be the sixth team for World Peace in 15 seasons.
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