Update: Lee agreed to a four-year, $50 million contract with the Knicks on Saturday, Alex Kennedy of Basketball Insiders reports.
Analysis: It's been a busy offseason for the Knicks, who've already traded for Derrick Rose and signed Joakim Noah. Lee is yet another addition for the Knicks, who have quickly revamped their roster in attempts to improve from their lackluster play the past few years. Lee figures to start in place of Arron Afflalo, who left the team to sign with the Kings. Last season, Lee averaged 9.6 points, 2.6 rebounds, and 1.7 assists while playing 29.5 minutes per contest.
Lee's 3-pointer with 25.2 seconds left - just his second make in nine tries from the floor - put the Hornets ahead to stay, and Charlotte beat the Heat 90-88 in Game 5 of their Eastern Conference first-round series Wednesday night.