ESPN reports that league sources said the Knicks and Vujačić agreed to a fully guaranteed contract for the veteran's minimum of US$1.35 million.

Vujačić is returning to the strongest basketball league in the world after spending much of the past four seasons in Europe. While playing for the Lakers he won two NBA championships (in 2009 and 2010).

He is to become a fourth active Slovenian player in the NBA, joining Beno Udrih of the Memphis Grzzlies, Goran Dragić of the Miami Heat and Zoran Dragić of the Boston Celtics.

The 31-year-old from Maribor was a member of the Slovenian junior national team, winning a silver medal at the 2002 European Junior Championship, but he never played for the senior team at major tournaments.