The New York Knicks and swingman Josh Hart are finalizing a four-year, $81 million contract extension that will keep the former first-round pick with the franchise through the 2027-28 season, first reported by ESPN's Adrian Wojnarowski.

Already under contract for the 2023-24 season, the 28-year-old is now set to make a total of $94 million through the 2027-28 season.

There was a lot of discussion this offseason about what would happen with Hart and his contract, as he owned a $12.96 million player option. Ultimately, he decided to opt into his contract with the Knicks, allowing the team to utilize their full mid-level exception and sign Donte DiVincenzo, his former college teammate at Villanova, to a four-year contract.

Hart, DiVincenzo and breakout star Jalen Brunson are all playing with one another again after winning a championship together in college and they are all under contract in New York through the 2025-26 season.

Acquired by the Knicks at the trade deadline this past season, Hart immediately made his presence felt. In a total of 25 regular season games in New York, he averaged 10.2 points, 7.0 rebounds and 3.6 assists per game while shooting 58.6 percent from the floor and 51.9 percent from three-point range. Hart helped lift the team to a 17-8 record and the 5-seed in the Eastern Conference.

Ultimately, the Knicks went on to win their first playoff series since 2013, defeating the Cleveland Cavaliers in five games.

An elite rebounder on the wing who does a little bit of everything to help his team win, he proved very quickly to be an irreplaceable asset on the Knicks' roster. As far as remaining in New York past the 2023-24 season, Hart made his stance of wanting to continue playing with the Knicks for the foreseeable future very clear this offseason.

“Hopefully,” Hart stated last week when asked about a possible contract extension. “Opting in, I was gonna take it one day at a time. We get there and then we can start having that conversation. Hopefully — that’s a place where I want to be and a place I want to call home. So we’ll see.”

Since beginning his career with the Los Angeles Lakers in 2017, Hart has played for the New Orleans Pelicans, Portland Trail Blazers and now the Knicks. Growing into an all-around contributor and a more impactful secondary talent each season he's been in the league, Hart was selected to play for Team USA in the 2023 FIBA World Cup this summer.

The full terms of Hart's new contract with the Knicks is expected to be finalized by the end of the day on Wednesday.