The Knicks have reached an agreement in principle on a two-year deal with Metta World Peace, the forward announced on MSG during a Knicks’ summer league game Monday.

The Knicks agreed to give World Peace the remainder of their mini mid-level exception — roughly $1.6 million — for next season. The second year is a player option.

The team can only add players to minimum contracts that will fill out the bottom of the roster.

World Peace grew up in Queens, played high school basketball at La Salle Academy in Manhattan, and later moved on to St. John’s.

In the 1999 draft, the Knicks passed up a chance to acquire World Peace, electing instead to select Frédéric Weis.

Last season with the Lakers, World Peace averaged 12.4 points, 5.0 rebounds and 1.5 assists over 33.7 minutes. He shot 40.3% from the field and 73.4% from the free-throw line.

With Carmelo Anthony at the small forward position and the addition of Andrea Bargnani at power forward, World Peace will likely come off the bench for the Knicks next season. Throughout his career, he has been known as much for his volatile personality as his stalwart defense.

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