The last 24-hours have done Knick fans justice as latest reports suggest that, Knicks shooting guard, J.R. Smith has agreed to return to New York.

Smith is expected to sign a two-year contract worth $2.8 million. The deal is guaranteed for the first season and continues a player option for the second season.

The eight-year veteran averaged 12.5 points, 3.9 rebounds and 2.4 assists per game while shooting 40 percent from the field and 34.7 percent from beyond the arc in 35 regular season games last season.

The 6-foot-6 Smith is expected to start at shooting guard for the Knicks in the 2012-13 season. Landry Fields, last season's starter, has reached a verbal agreement with the Toronto Raptors on a three-year offer sheet for approximately $20 million-a deal the Knicks are not expected to match.

The Knicks will have Smith's early Bird rights after next season, meaning they can exceed the salary cap to re-sign the shooting guard if he decides to decline the 2013-14 player option.

The Knicks have also agreed to sign unrestricted free agent guard Jason Kidd, agreed to re-sign unrestricted free agent forward Steve Novak and agreed to a sign-and-trade with the Houston Rockets for unrestricted free agent center Marcus Camby this week.

The team is also expected to match the Rockets' offer sheet to point guard Jeremy Lin. Lin verbally agreed to an offer sheet worth $28.8 million over four years last week. The Knicks have three days to match the offer or Lin can sign with the Rockets' deal on Wednesday.