Marc Berman of the New York Post reported it would be a surprise if the Knicks picked up the $15.7 million option.
"At the time of the signing it was a little high, but they got an option," an NBA personnel director told Berman. "So to get that they had to pay the premium, but I can’t imagine they can keep him."
Portis is averaging 10.1 points and 5.1 rebounds during his first season with the Knicks, numbers that hardly make the price tag worthwhile. He's started only five games and taken a step back from the three-point improvement he showed last season in Chicago and Washington, dropping from 39.3 percent to 35.8.
Days after the trade deadline, Portis made it clear he had no interest in a buyout this season.
"I'm 24 years old," Portis said, per Berman. "I'm not doing a buyout. I'll make as much money as I can for my family. [I'm] 24. Not even thinking about a buyout at 24. I'll probably set a record as first guy to do a buyout at 24. It's just not even in the equation."
The Knicks have also jettisoned the decision-makers who brought Portis into the fold last summer. They fired coach David Fizdale early in the campaign and moved on from team president Steve Mills in February.
The Knicks have since hired former agent Leon Rose to run their basketball operations. It's likely Rose will want to retool the roster in his vision, getting out from under as many contracts from the former regime as possible.