The New York Knicks are not picking up veteran point guard Derrick Rose's $15.6 million team option for next season, according to multiple reports on Saturday.

The former No. 1 pick in the 2008 NBA draft will now enter unrestricted free agency.

Rose remade himself into a valuable role player after a slew of injuries hampered his ascent to superstardom after becoming the youngest MVP in NBA history in 2011. Acquired by the Knicks in the middle of the 2020-21 season, he helped New York make the playoffs while finishing third in Sixth Man of the Year voting that year.

However, an ankle injury limited him to 26 games the following season and he fell out of coach Tom Thibodeau's rotation early during this past season. The Knicks could still try to bring back Rose at a reduced salary.

Rose will be 35 by the time next season kicks off. He holds career averages of 17.7 points and 5.3 assists across 14 seasons in the NBA.

Reuters contributed to this report.