The New York Knicks will likely let Iman Shumpert become a restricted free agent next summer as reports indicated that the team is not considering offering a contract extension to the versatile guard.

Shumpert, who averaged 6.7 points and 4.2 rebounds per game last season, could hit free agency after the 2014-15 NBA season if the Knicks will not reach a new deal with him until Oct. 31.

According to Ian Begley of ESPN New York, the Knicks still have more than four weeks to negotiate a contract extension with Shumpert, but sources close to the situation believes that the Knicks will just let the 24-year-old hit free agency next summer.

Sources indicated that the Knicks have not contacted Shumpert or his representatives about the possibility of inking a new deal because the team is planning to preserve their cap space for the 2015 and 2016 offseason.

Signing Shumpert to a new deal this summer will affect the team's camp next summer where they are expected to pursue big-name free agents that are set to hit the market, like Boston Celtics point guard Rajon Rondo, who is reportedly their top target.

The Knicks could just wait for next offseason and offer a one-year qualifying offer to Shumpert, which would give them the right to match any offer for the incoming fourth-year guard.

Aside from letting Shumpert become a restricted free agent, the Knicks could also trade the former Georgia Tech standout before next season's deadline in February.

Shumpert was mentioned in several trade rumors last season before the Knicks decided to keep him. Sources indicated that the Knicks also shopped the 6-foot-5 guard this offseason but did not find a reasonable offer from other teams.

Waiting until next summer could also work in favor for Shumpert because he could get a more lucrative deal if he thrives into the triangle offense that Knicks coach Derek Fisher will use next season.

But for Lang Greene of Basketball Insiders, Shumpert's days as a Knick are already numbered, calling him the odd man out in New York.

"With an organization set on changing culture and preserving cap space, Shumpert might find himself as the odd man out in New York before the trade deadline or next summer in free agency," Greene said of Shumpert.

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