Elfrid Payton returning to Knicks on one-year deal

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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 on Saturday 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 contract to join the Knicks, Payton started 36 games and averaged 10 points, 7.2 assists and 4.7 rebounds.

Payton’s reunion with the Knicks 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 DJ Augustin going to the Bucks on a three-year, $21 million contract.

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