Chauncey Billups will return to Knicks next season

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The New York Knicks made the first big move of their off-season by not making a move at all.

Rather than saving more than $10 million by waiving Chauncey Billups this week, the Knicks announced Wednesday they will keep the veteran point guard, who came to New York from Denver with Carmelo Anthony in February.

“Chauncey, Amare [Stoudemire] and Carmelo are a great nucleus as we continue to look to improve our team going into the off-season,” team President Donnie Walsh said in a statement. “Chauncey is an extremely talented and experienced point guard — we are very happy to have him back.”

Billups, 34, was due only $3.7 million if he had been cut within five days of the end of the Knicks’ season. Instead, he will earn $14.2 million while spending his 15th NBA season in New York.

The five-time All-Star averaged 17.5 points since the trade but was hindered by two injuries, missing six games with a bruised left quadriceps in March and the last three games of the Knicks’ playoff sweep by the Boston Celtics after straining a tendon in his left knee.

Walsh said the injuries did not concern the team.

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-- Chuck Schilken

The Associated Press contributed to this report.