Metta World Peace has reached agreement on a two-year, $3.2 million contract with the New York Knicks, league sources told Yahoo! Sports.

The second year of the deal is a player option, a source told Y! Sports.

World Peace and his agents met with Knicks general manager Glen Grunwald and coach Mike Woodson on Monday in Las Vegas and agreed to the deal in the meeting, league sources said.

Publicly, World Peace is still insisting he's considering other options, including China, but league sources told Y! Sports he'll be joining the Knicks next season.

The Los Angeles Lakers amnestied World Peace last week. He went unclaimed in the amnesty waiver process and become a free agent on Sunday evening.

World Peace – once known as Ron Artest – grew up in the Queensbridge section of New York and attended St. John's University.