Before Thursday night's game game against the Heat, new Knick J.R. Smith told FoxSports.com's Chris Tomasson (via Tomasson's Twitter feed) that he plans to pick up his player option and remain with the Knicks for the 2012/13 season.
Upon returning from a stint in China, Smith signed a two-year contract with the Knicks last week worth a pro-rated version of the $2.5MM mini mid-level exception. The contract included a player option for next season also worth $2.5MM.