12/18/2011 11:02 pm ET

Baron Davis, Knicks Agree To Deal: Veteran Guard Reportedly Decides To Sign With New York

In order to clear space under the NBA salary cap to trade for center Tyson Chandler, the New York Knicks waived veteran point guard Chauncey Billups under the terms of the NBA's amnesty rule. After bringing Chandler to the Big Apple, the 'bockers appear to be adding another player discarded under that same provision to bolster backcourt depth.

Although New York did sign Mike Bibby after waiving Billups, the team is looking for another proven player to join a rotation including Bibby, Toney Douglas, Landry Fields and rookie Iman Shumpert.

ESPN's Marc Stein and Dave McMenamin reported on Sunday that veteran point guard Baron Davis has decided to sign with the Knicks. The 32-year-old, who was released last week when the Cleveland Cavaliers waived him thanks to the aforementioned amnesty clause, is expected to sign a one-year deal worth $2.5 million.

According to several reports, Davis chose the Knicks over both the Los Angeles Lakers and Miami Heat. Davis was heavily pursued after he cleared waivers despite currently dealing with a back injury. Davis' agent, Todd Ramasar, told Yahoo Sports that he would miss eight to 10 weeks.

Davis averaged 13.1 points last season with the Los Angeles Clippers and Cavaliers. He hasn't played a full 82-game season since his last year with the Golden State Warriors in 2007-08.