Per that report, the deal includes a team option for the fourth year.
Fournier finished the regular season with averages of 17.1 points and 3.4 assists per game while shooting 41.3 percent from three-point range across 42 games with two different organizations.
The wing had been off to a great start to the season with the Orlando Magic, averaging 19.7 points per game, before a deadline trade to the Boston Celtics in exchange for Jeff Teague. His time in Boston was limited by the league's COVID-19 protocols, but he stepped up down the stretch with at least 15 points in his last seven games.
Fournier then averaged 15.4 points in five postseason games for the Celtics before turning heads at the Tokyo Olympics with the France national team.
The 28-year-old has proved he can be a reliable secondary offensive weapon, averaging 16.2 points during his seven years in Orlando. As a 37.9 percent three-point shooter for his career, the 6'7" player can help spread the floor and take pressure off the other top players in the paint.
It could provide valuable scoring depth for Knicks, giving the organization another option behind Julius Randle and RJ Barrett. These players helped New York earn the No. 4 seed in the Eastern Conference, although the stagnant offense led to a quick exit in the playoffs.
Fournier can be a reliable contributor for the team going forward, either in the starting lineup or coming off the bench.