Former Knick Shane Larkin and the Nets reached a two-year, $3 million agreement on Thursday in a deal that also includes a $1.5 million player option for the 2016-17 season.
Larkin, 22, will provide insurance for Deron Williams, who has struggled with injuries over his career.
The Nets are now saddled with four point guards with Williams, Steve Blake, Jarrett Jack and Larkin all under contract.