Report: J.R. Smith Close To Deal With Knicks

(CBS) -- According to the New York Daily News, the Knicks are close to signing free agent shooting guard J.R. Smith.

The former Denver Nugget is expected to receive the team's $2.5 million cap exception.

Smith recently returned from China, where he had to finish his contract before returning to the NBA.

The Lakers could have only offered him about $450,000, the prorated portion of the veterans' minimum.

Smith made $6.8 million last season with Denver.