Elfrid Payton returning to Knicks on one-year contract

The Knicks are running it back with Elfrid Payton. After waving him on Thursday, the Knicks are set to re-sign Payton on a one-year, $5 million deal to fill the team’s hole at point guard, The

The Knicks are running it back with Elfrid Payton.

After waving him on Thursday, the Knicks are set to re-sign Payton on a one-year, $5 million deal to fill the team’s hole at point guard, The Post’s Marc Berman confirmed.

Payton becomes the Knicks’ second signing since free agency began, joining swingman Alec Burks, who agreed to a one-year, $6 million deal on Friday night.

Last year, after signing a two-year, $16 million deal to join the Knicks, Payton started 36 games and averaged 10 points, 7.2 assists and 4.7 rebounds.

Payton’s reunion with the team came after two other point guards were taken off the market Saturday, with Fred VanVleet re-signing with the Raptors on a four-year, $85 million deal and veteran D.J. Augustin going to the Bucks on a three-year, $21 million contract.

The Knicks barely pursued VanVleet and didn’t meet with him, according to a source. The Knicks had intel he wanted to stay in Toronto where he is close with his backcourt mate Kyle Lowry. A source close to VanVleet said he wasn’t much interested in becoming the Knicks’ savior and preferred to stay put.

VanVleet, an undrafted guard out of Wichita State, helped the Raptors win an NBA championship in 2019. He had a career year last season, averaging 17.6 points, 6.6 assists and 3.8 rebounds per game.

Augustin, who played for new Knicks coach Tom Thibodeau with the Bulls in 2013-14, is off to Milwaukee, as is former Knicks forward Bobby Portis. The 33-year-old Augustin averaged 10.5 points and 4.6 assists last year for the Magic.

Portis, meanwhile, became a one-and-done as a Knick. The free-agent forward agreed to a deal with the Bucks, his agency confirmed on Twitter, two days after the Knicks declined his team option to open up cap space. Portis’ new contract will be a two-year, $7.5 million pact, ESPN reported, with a player option for the second year

The 25-year-old Portis played 66 games for the Knicks last season, averaging 10.1 points and 5.1 rebounds while mostly coming off the bench.

Last summer, the Knicks had signed Portis to a two-year, $31 million contract, the second year of which was a $15 million team option that the Knicks did not pick up. They were believed to have interest in possibly bringing him back at a lower price, but instead Portis is off to chase a championship with the Bucks.

Two-way forward Kenny Wooten, whom the Knicks waived on Thursday, was claimed by the Rockets, according to The Athletic.

— Additional reporting by Marc Berman