Carmelo Anthony has announced his decision to re-sign with the New York Knicks on a five-year deal worth over $120 million.

"I am a New York Knick at heart," Anthony wrote on his website. "I am looking forward to continue my career in Orange & Blue and to work with Phil Jackson, a champion who builds championship teams. Madison Square Garden is the mecca of basketball and I am surrounded by the greatest fans in the world."

Jackson implied on Sunday that Anthony's contract will give the Knicks flexibility in 2015 by taking less than max money.

“He did exactly what we kind of asked him to do,” Jackson explained. “Give us a break in the early part of his contract so that when we have some wiggle room next year, which is hopefully big enough wiggle room, we can exploit it.” 

Chris Broussard reported on Saturday that the deal would be worth above $122 million over five seasons.