The NBA champion New York Knicks are set to keep a key contributor long term as veteran guard Landry Shamet intends to sign a four-year, $24 million deal with the team, sources told ESPN's Shams Charania on Monday.

Shamet, 29, was set to become an unrestricted free agent, with sources telling Charania that there was a growing market of multiple suitors forming for July 1.

Shamet's agent, George S. Langberg of GSL Sports Group, worked with Knicks executives Monday to land the long-term commitment, sources told Charania.

The contract will allow New York to remain below the second apron after the roster is filled out, something owner James Dolan previously said the team had to do. The Knicks will now have 11 players under contract.

Shamet spent the past two seasons with the Knicks, appearing in 101 regular-season games (12 starts) while averaging 7.1 points in 19.1 minutes.

During the Knicks' run to the NBA title, he made the most of limited minutes, averaging 6.0 points while shooting 47.5% from 3-point range. He made the tying 3-pointer when the Knicks rallied from a 22-point deficit in the fourth quarter to beat Cleveland in Game 1 of the Eastern Conference finals, going on to hit 11 of 12 from behind the arc in that series.

Before joining the Knicks, Shamet had stints with the Philadelphia 76ers , LA Clippers , Brooklyn Nets , Phoenix Suns and Washington Wizards .

Information from ESPN's Bobby Marks and The Associated Press was used in this report.