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Carmelo Anthony returning to New York Knicks with five-year $120 million deal

Carmelo Anthony returning to New York Knicks
Photo by Harry How/Getty Images

The New York Daily News is reporting that today, Thursday, July 10, 2014, Carmelo Anthony is going to announce that he is returning to the New York Knicks and will sign a max 5-year contract worth a total of $129 million.

If the Daily News is right, that is a huge relief to New York Knicks fans like myself. Carmelo Anthony opted out of his contract after the 2014 NBA season, and he met with teams like the Los Angeles Lakers and Chicago Bulls.

Update: it's 7 pm in New York and Phil Jackson has not heard from Carmelo Anthony yet today, but he still remains confident Melo will sign with the Knicks. Time will tell if the Daily News got this story right or not.

Update 2: On Saturday, July 12, 2014, Carmelo Anthony has announced he is returning to the New York Knicks for a deal worth at least $120 million over 5 years. The deal also reportedly includes an early termination clause.

Carmelo Anthony believes in Phil Jackson

But it appears that all the meetings he had with other teams will amount to nothing, as Carmelo Anthony returns for his max deal with the New York Knicks. The main reason being given for Carmelo's likely return is that he has confidence that new Knicks team President Phil Jackson will be able to turn the team into title contenders.

The Knicks are hamstrung for the upcoming 2015 NBA season because they have pay Amare Stoudemire $23.4 million for the season. But after this season, Stoudemire comes off the books and next year the Knicks should have the cap room to sign another max player.

Could LeBron James join the Knicks next year?

Could that player be LeBron James? If LeBron signs only a one-year contract somewhere for the upcoming season, there will be rampant speculation all season that LeBron will sign with the Knicks next year and team up with his friend Carmelo Anthony to try and bring New York its first NBA Championship since 1973. All I can say about that possibility is WOW.

Update: LeBron James is going back to Cleveland where he will probably stay for the rest of his career. Message to Pat Riley, signing a guy who smashed LeBron James in the throat during the playoffs (Josh McRoberts) probably did not help your cause in trying to keep LeBron James.

Some Knicks fans might not be happy that Carmelo Anthony is returning, but I will be thrilled. I've liked Carmelo Anthony ever since he led my then favorite college basketball team, the Syracuse Orange, to a NCAA Championship in 2003.

Carmelo Anthony will be in the Basketball Hall of Fame when his career is over

Since coming to the New York Knicks in 2011, Carmelo Anthony has averaged 26.5 points and 7.5 rebounds per game. Melo won the NBA scoring title in 2013 with the Knicks, when he averaged 28.7 points per game.

Not only are Melo's number with the Knicks highly impressive, they are numbers that are going to put him into the Basketball Hall of Fame. Carmelo Anthony's career scoring average of 25.26 points per game is the 12th highest scoring average in NBA history. Melo is going to vault over 20,000 career points scored in his first or second game this season.

It would be tough to see him go over 20,000 points with another team, but, if the Daily News is right, Carmelo Anthony is returning to the New York Knicks today.