Free agent forward Carmelo Anthony expected to re-sign with the New York Knicks, who have offered him a five-year, $129 million contract, according to Frank Isola of the New York Daily News:

NBA free agency has been put on hold as the Knicks wait on Carmelo Anthony and the entire world waits on LeBron James, whose future may or may not be tied to Anthony's.

Anthony is expected to accept the Knicks' five-year, $129 million contract offer, and a decision could be made within the next 48 hours. The one holdup could be James, who is also an unrestricted free agent and is being courted by several teams, including the Cavaliers and the Lakers. Anthony met with the Lakers on Thursday in Los Angeles and afterward Lakers officials flew to Cleveland to meet with James' agent, Rich Paul.

Meanwhile, Knicks president Phil Jackson is working on making the team an immediate contender in the Eastern Conference to impress Anthony and get James' attention. Jackson upgraded the point guard position by acquiring Jose Calderon from Dallas last week, and believes that Anthony re-signing is imminent.

This report follows up on one saying Anthony is "largely aligned" with Phil Jackson's vision, and another saying that New York considers the Chicago Bulls the "only real threat."