Scott Perry will continue to serve as New York Knicks general manager on a one-year contract, a league source told Newsday's Steve Popper Wednesday.

The two sides had until May 1 to exercise a mutual option.

"Scott is a well-respected basketball executive who I have known for more than 20 years, and I look forward to continuing to work closely with him as we look to build a winning team in New York," Knicks president Leon Rose said in a statement to Newsday, though the details of Perry's deal were not confirmed.

The Knicks have posted a 67-163 record since Perry joined the front office in 2017. The 56-year-old briefly assumed control of the team's basketball operations on an interim basis following the dismissal of Steve Mills in February this year.

The Knicks officially introduced Rose, a former high-profile agent, as team president in March.