The Knicks have emerged as the favorite to sign 31-year-old Slovenian point guard Beno Udrih to a $1.27 million minimum contract according to two sources. An announcement could come as soon as Thursday.

The Knicks will consider it a great value signing since Udrih made $7 million last season leaving the Knicks long shots to land him. But the market apparently dried up for the left-handed veteran who has played on four teams including Orlando and Milwaukee last season when he combined for 66 games.

The Knicks are looking for a third point guard to complement Raymond Felton and Pablo Prigioni. Being from Europe is another plus for Udrih as Italy’s Andrea Bargnani is known to prefer hanging out with Europeans or foreign players.

Udrih averaged 8.2 points with 4.6 assists last season. He has also played with San Antonio and Sacramento mostly as a backup. In 628 games he has made 243 starts.

Wednesday the Knicks worked out point guard Bobby Brown of the Italian League but he likely will finish runner-up to Udrih whom the Knicks prefer. Brown had already signed with a Chinese team but can break the deal by Aug. 15.

If Udrih signs that would leave the Knicks with 14 players under contract after inking big man Jeremy Tyler on Tuesday. That leaves one roster spot available and it could become a battle in training camp with several invitees with non-guaranteed deals. Point guard Toure Murry impressed in summer league but could be the odd man out if the Knicks nab Udrih.