The New York Knicks have reached an agreement with the New Orleans Pelicans to acquire Jose Alvarado. Heading the other way are Dalen Terry, two future second-round picks and cash considerations.
The Brooklyn native is returning home after four and a half seasons in Louisiana.
This season, Alvarado — who holds a $4.5 million player option for the 2026–27 season — was averaging 7.9 points and 3.1 assists in 21 minutes per game.
His addition allows the Knicks to remain below the second apron, preserving the flexibility needed to sign a 15th player.
The news was first reported by Shams Charania.
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