The Knicks have made a second move ahead of the NBA trade deadline, acquiring point guard Jose Alvarado in a trade with the Pelicans.

In exchange, the Knicks are sending Dalen Terry and two second-round picks to New Orleans, reports SNY NBA Insider Ian Begley.

Terry — a pending free agent — had been acquired early Thursday morning when the Knicks dealt Guerschon Yabusele to the Bulls.

Alvarado had been linked to the Knicks for quite some time.

Born in Brooklyn, Alvarado was "squarely on New York's radar," Begley reported in late January, adding more recently that "the Knicks still see the NY native as a player who can help bolster their bench/rotation."

The 27-year-old has a player option for the 2026-27 season for $4.5 million.

NBA salary cap analyst Yossi Gozlan notes that if Alvarado picks up his option, it will give the Knicks "significant flexibility" below the second apron next season. Gozlan adds that it would help the Knicks "maximize their depth under the second apron hard cap they'd be subjected to" if they trade for Giannis Antetokounmpo during the offseason.

In 41 games this season, all coming off the bench, Alvarado has averaged 7.9 points, 3.1 assists, and 2.8 rebounds while shooting 36.1 percent from beyond the arc.

Alvarado, who has averaged 21.9 minutes per game this season, started 23 of 56 games for the Pelicans last season while averaging a career-best 10.3 points per game.

The addition of Alvarado helps a Knicks backcourt that is without Deuce McBride, who will undergo surgery this week, per Begley, and could miss the rest of the regular season. According to the Athletic, it is for a core muscle injury, though he had previously been sidelined with a lingering ankle injury.

In McBride's absence, Landry Shamet has stepped up, helping to key the last three Knicks wins.

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