Knicks will pick up option on Chauncey Billups; guard to return next season

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 annoucnement is expected to be made sometime Wednesday afternoon.

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.

Carmelo Anthony and Amar'e Stoudemire both lobbied to bring back Billups, the 2004 NBA Finals MVP who came to New York from Denver in the Anthony deal.