The New York Knicks will not exercise Derrick Rose's contract option, per Knicks writer Steve Popper. Rose, who emerged as a team and fan favorite in New York, will enter NBA free agency.

Some rumors have linked Derrick Rose back to the Chicago Bulls, where he previously won an MVP. A return to Chicago would excite Bulls fans, but it remains to be seen if that would be the best fit.

Rose, 34, appeared in just 27 games this past season. He was once considered one of the best players in the NBA, but injuries ultimately impacted Rose in a major way. After winning his MVP in Chicago, and establishing himself as a superstar, injuries began to play a role in Rose's career. He missed all of the 2012-2013 season and was never the same after that campaign.

That said, Rose reinvented himself in a sense. He's become a key role player since leaving the Bulls in 2016. However, teams may be hesitant to offer Derrick Rose anything more than a one-year contract as he prepares for his age-35 season given his injury history. One of the most appealing reasons to sign Rose at this point in his career is his leadership ability.

As for the Knicks, they will likely look into adding role player depth this offseason. They feature a talented roster but could use various upgrades at different positions. Losing Rose's leadership off the bench is far from ideal, but this move will allow both parties to move on.

We will monitor and provide updates on Derrick Rose's free agency as they are made available.