The New York Knicks have picked up the 2018-19 team-option on forward Kristaps Porzingis, according to Real GM's Keith Smith. Porzingis is slated to earn $4.5 million this season and $5.7 million the next.

He will earn an extra $1.7 million (a 30 percent raise) due to the new collective bargaining agreement, according to ESPN Insider Bobby Marks.

The 22-year-old averaged 18.1 points 7.2 rebounds, and 2.0 blocks through 66 games in his second year in the league last season.

After being selected with the No. 4 pick in 2015, the young unicorn averaged 14.3 points and 7.3 rebounds per game in his first season, finishing runner-up for the Rookie of the Year award.

The Knicks had a deadline of Oct. 31 to pick up his team option for the 2018-19 season, making this a move in good faith that the 7-foot-3 forward is part of the organization's plans moving forward.

New York can offer him a $7.5 million qualifying offer for the 2019-20 season, according to Spotrac, but will have to be careful about their spending after offering a large sum to shooting guard Tim Hardaway Jr. earlier this offseason.