Carmelo Anthony has reportedly turned down the Chicago Bulls to stay in New York.
According to the New York Daily News, Anthony will be returning to the team and informed the Bulls Saturday that he was in the final stages of contract negotiations with the Knicks.
The 30-year-old All-Star forward is expected to re-sign for five years and more than $100 million.
Chicago emerged as a strong contender to receive the free agent target, but rumors began stirring earlier this week that Anthony was set to re-sign with the Knicks.
Anthony met with the Bulls players and management last week and was also said to be seriously considering an offer from the LA Lakers.
A source close to Anthony told the newspaper "[Anthony] was torn because the Bulls have a chance to dominate the East."
The Bulls weren't wasting time following the news as they are reportedly working to finalize an agreement with Pau Gasol.