Kidd can't sign with the team until July 11. The reported contract for Kidd will be $9 million for three years. It is still possible that the Kidd signing will be part of a sign-and-trade deal, according to a source mentioned in the ESPN report.
Kidd reportedly chose the Knicks over the Mavericks (despite a similar offer) because he wanted to take on the challenge of being a mentor to Knicks guard Jeremy Lin. The Knicks were also reportedly looking at Raymond Felton as an option after missing out on Steve Nash. The Knicks may still be interested in Felton as a report says that New York will match Houston's offer for Lin or sign Felton (via Frank Isola).