HOUSTON -- A person with knowledge of the deal says New York Knicks restricted free-agent guard Jeremy Lin and the Houston Rockets have agreed to terms on a four-year contract offer.
The person told The Associated Press on Thursday on condition of anonymity because the team hadn't officially announced the deal.
Lin can sign the offer sheet with Houston on July 11, and the Knicks will then have three days to match the offer.
The contract is worth $10.2 million over the first two seasons and $9.3 million in each of the last two years. The fourth season is a team option.
The person also told the AP that the Rockets traded Kyle Lowry to Toronto on Thursday for a future first-round draft pick with lottery protection.
According to former CNBC reporter Darren Rovell, the offer comes 194 days after the Rockets waived him. At the time, Lin was making $613,474 with the team.