Novak Agrees on 4-Year, $15 Million Contract With Knicks

Free-agent forward Steve Novak agreed on a four-year, $15 million contract to remain with the New York Knicks, agent Mark Bartelstein said.

The Knicks also reached an agreement with the Houston Rockets to re-acquire 38-year-old center Marcus Camby for three players and two second-round National Basketball Association draft picks, the Associated Press said, citing a person with knowledge of the transaction who wished to remain anonymous.

The Rockets would get guard Toney Douglas and centers Josh Harrelson and Jerome Jordan, in addition to a second-round pick in both the 2013 and 2014 drafts, AP said. Camby played with the Knicks from 1998-2002 and averaged 7.1 points and 9.3 rebounds in 19 games for the Rockets last season.

Novak, 29, is returning to the Knicks, the fifth team he’s played with since entering the NBA in 2006, after leading the league by hitting 47 percent of his 3-pointers last season. He’s a career 44 percent 3-point shooter.

Novak and Jeremy Lin are among the players who benefited from an arbitrator’s decision last month that allows teams to sign waived players without regard to the salary cap.

“That was a critical part of the process,” Bartelstein said in a telephone interview. “Without that, Steve wouldn’t have been able to stay in New York.”

Lin will sign a four-year, $29 million offer sheet with the Rockets on July 11, the first day players can sign contracts, the AP reported. The Knicks have the right to match the offer.

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