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Anthony might still take less than the maximum $129 million the Knicks can give him, a source said.
Anthony is expected to publicly announce his return on Sunday.
After meetings with Chicago, Houston, Dallas and the Los Angeles Lakers, Anthony decided to recommit to Knicks president Phil Jackson and his new regime.
Anthony, 30, is a seven-time All-Star and the cornerstone of Jackson's plan to use salary cap space in 2015 and '16 to lure a star free agent to the Knicks.