After being waived on Sunday to make room for Landry Shamet on the roster, Matt Ryan has now re-signed with the New York Knicks on a two-way deal

Ryan, a New York native and former Iona Prep standout, has been bouncing between the NBA and G League this season, winning the Winter Showcase with the Westchester Knicks on Sunday. While his minutes with the New York Knicks have been sparse—he averaged just 1.

Michael Scotto: The New York Knicks intend to re-sign forward Matt Ryan to a two-way deal once he clears waivers, league sources told @hoopshype . Ryan has shot 39.7 percent from 3-point range in his NBA career. The Knicks will waive Boo Buie to create a two-way spot for Ryan.

Knicks announce that they’ve waived Matt Ryan. This was done in order to bring Landry Shamet back.Source: Twitter @NY_KnicksPR What’s the buzz on Twitter? Michael Scotto

DECEMBER 22: The Knicks have agreed to a standard contract with guard Landry Shamet, ESPN’s Shams Charania reports. It’s a one-year deal, James Edwards III of The Athletic tweets. To make room for Shamet and remain under the second-apron hard cap, the Knicks have waived forward Matt Ryan, the team’s PR department tweets.

The Knicks re-signed Matt Ryan to a two-way contract and waived Boo Buie. Ryan has seen limited action off the bench since joining the team on a non-guaranteed contract earlier this year, and he was waived this week to make room for Landry Shamet,

Ryan, 27, signed a non-guaranteed minimum-salary contract with the Knicks in November when they needed to add two players to their roster to get to the required minimum of 14. Ariel Hukporti, who had been on a two-way deal, was promoted to the standard roster at the same time Ryan was signed to get New York back to 14 players.