J.R. Smith has accepted the terms of a new 4-year, $24.7 million contract this morning, his agent Leon Rose told The Post.

Smith, who was seeking a significantly higher offer elsewhere, will make roughly $6 million per year, starting at the league's average salary of $5.75M. It was the most the Knicks can offer under the early-bird rights rules since Smith played only two seasons for the Knicks. Smith will have a player opt-out after the third year.

It is unclear what role Smith will play this season but the Sixth Man of the Year sat down with coach Mike Woodson over the weekend at Amare's Stoudemire's wedding bash to talk about it. Smith could conceivably start next season - something he wished for last year.