Sources: Carmelo Anthony returning to Knicks

Carmelo Anthony will sign a five-year, $120 million-plus contract to return to the New York Knicks, league sources told Yahoo Sports.

Anthony considered the Chicago Bulls, Los Angeles Lakers and Houston Rockets before deciding to re-sign. He notified the other teams on Saturday that he's returning to New York.

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.