"The Knicks are bringing back Chauncey Billups.

The Daily News has learned that the Knicks agreed Wednesday to pick up the one-year, $14.2 million option on the veteran point guard's deal. An official announcement is expected to be made sometime Wednesday afternoon.

"We have made a decision to keep Chauncey Billups for the upcoming 2011-12 season," Knicks team president Donnie Walsh said in a statement. "Chauncey, Amar'e and Carmelo are a great nucleus, as we continue to look to improve our team going into the off-season. Chauncey is an extremely talented and experienced point guard - we are very happy to have him back."

Billups' contract called for the Knicks to decide on his future within five days of the conclusion of their season. The team had until Friday to either pick up his option of buy him out for $4 million."