NEW YORK (CBSNewYork) -- Langston Galloway is turning into a bright spot during an otherwise forgettable season for the Knicks.

And he's going to be around for a while.

Having just finished his second 10-day contract, Galloway signed a new contract with the Knicks on Tuesday, the team announced.

Though specific terms were not immediately known, the Knicks will reportedly give Galloway, who earned a shot in the NBA after making strides for the club's Developmental League team in Westchester, guaranteed money for the rest of the 2014-15 season and next season, ESPN New York reported.

The sides appeared to be at an impasse earlier Tuesday because the Knicks, who will potentially be $32 million under the salary cap for next season, did not want to give Galloway guaranteed money next season, the New York Post reported.

Galloway, a 6-foot-2 point guard out of St. Joseph's, is averaging 12.1 points ad 3.0 assists in the eight games he's played.

The Knicks are a dismal 8-37, but have won three of four.

Their game Monday night against visiting Sacramento was postponed due to the blizzard that hit the Tri-State Area. They will next play Wednesday night, at home against Oklahoma City.