Arcidiacono, 28, is 6-foot-3 and appeared in 10 games with the Knicks last season, averaging 1.6 points on 50 percent shooting.
He signed his first official 10-day deal with the Knicks on Jan. 6, two days after the NBA voided a 10-day hardship contract between Arcidiacono and the team.
Arcidiacono spent four seasons with the Bulls, initially signing a two-way contract before having it converted to a standard deal. He entered this past offseason as a free agent.
He also spent part of last season with the Maine Celtics of the G League, re-signing with the Knicks in September.