Earlier tonight, the Knicks announced that they have exercised the third year option on the contract of Iman Shumpert.

Shumpert, the Knicks 2011 first round pick, 17th overall from Georgia Tech, averaged 9.5 points per game and was seventh in the NBA in steals per game with an average of 1.71.

Shumpert is still recovering from a torn ACL in his left knee, suffered during the Knicks first round loss to the Miami Heat and is not expected to return until January.