New York Knicks are determined that guard R.J. Barrett will be their future.

According to ESPN's Adrian Wojnarowski, they made that clear on Monday when

they signed the former No. 3 overall pick to a four-year rookie contract extension.

There is a potential value of $120 million in Barrett's deal. 

With Barrett, the Knicks will negotiate with the Utah Jazz differently in the future.

New parameters will be used in negotiations after the Poison Pill provision.

Wojnarowski's sources told him that the Knicks must agree on an extension by Monday.

Mitchell trade points closed in recent days, but neither team went further."

The Knicks haven't ruled out trading for Mitchell, Utah's All-Star guard, yet. 

Barrett, who averaged 20.8 points per game last season, is likely to get his attention. 

First-round pick Charlie Ward signed a multi-year extension with the Knicks in 1999.