Jose Alvarado is heading home.
According to Shams Charania of ESPN, the Pelicans have agreed to trade the New York native to the Knicks.
Per Ian Begley of SNY.tv, New York will send Dalen Terry and two second-round picks to New Orleans, along with cash. The picks are 2026 and 2027 selections, according to James L. Edwards III of The Athletic.
Alvarado had been linked to the Knicks for much of the season as they searched for affordable backcourt help. His $4.5 million cap hit made him a logical target, especially after New York rerouted Guerschon Yabusele to Chicago and used Terry as the outgoing piece in this deal. The moves may ultimately be processed as a single transaction.
Known for his defense and energy, Alvarado is averaging 7.9 points, 3.1 assists, and 2.8 rebounds in 21.9 minutes per game across 41 appearances this season. He is shooting .418 from the field and .363 from three.
His arrival comes at a critical time. The Knicks recently learned Miles McBride will require core muscle surgery, creating an immediate opening in the rotation.
Alvarado holds a $4.5 million player option for next season. If he opts in, New York gains cost certainty. If not, the Knicks will have his Bird rights and flexibility to keep him around.
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