Brands, Cooperation, Good for Business, Latvia, Markets and Companies, PR, USA

The deal will pay Porzingis between USD 3 mln and USD 6 mln annually, depending on incentive bonuses met. It is the most lucrative shoe deal signed by a European player to date.

Nike, his previous sponsor, has until mid-October to match the exact terms of the Adidas contract because of the brand's standard "right to match" clause, but Nike is not expected to match the deal, sources said.

As an emerging 17-year-old professional playing in Spain, Porzingis signed a four-year deal with Nike in 2012 that paid him USD 25,000 per year.

Besides Nike and Adidas, Under Armour also expressed strong interest in a long-term deal with Porzingis, while several Chinese-based brands also made an effort to pitch Porzingis.

The deal with Adidas will place Porzingis in an endorsement earnings tier similar to Blake Griffin, Russell Westbrook and Paul George.

"All I can say is both Nike and Adidas are first-class companies," Porzingis told Yahoo Sports on Wednesday. "I would be lucky to align myself with either one. The amount of attention I received was flattering, but right now I am letting my agents handle the business side of things."

With Nike not expected to match Adidas' deal, Porzingis will likely wear Adidas' new high-top Crazy Explosive sneaker in custom Knicks-themed colors on opening night October 25 at Cleveland. Adidas has committed to make him a featured player in its advertising going forward and will also eventually release his game shoes at retail stores. In order to receive his own signature shoe, Porzingis would have to meet several on-court performance thresholds, such as being voted a starter in the All-Star Game.