Reddish will miss the rest of the season with a shoulder injury.
Reddish is expected to have a full summer of work ahead of the 2022-23 season because of his recovery time of six weeks.
Reddish injured his shoulder in a fall against the Kings on Monday and will be out for a while.
Reddish will be able to negotiate a contract extension with New York this summer. The Knicks had hoped to get a good look at Reddish ahead of his extension talks, but he will now miss the final 16 games of the regular season.
Reddish was acquired by the Knicks in a trade with the Atlanta Hawks.
The Knicks traded a first-round draft pick to the Hornets and forward Kevin Knox II to the Hawks for Reddish, Solomon Hill and a second-round pick.
The Hawks roster of talented young wing players hampered Reddish, the 10th pick in the draft. The Hawks made it a priority to move him because he was without a role or pathway to a contract extension. Reddish had averaged career highs in points, field goal percentage, and free throw percentage before he was traded to the Knicks. He shot 38% on 3-pointers this season, up from 26% last season.
Reddish averaged 6.1 points in 15 games with the Knicks. He had 17 points in the Knick victory over the LA Clippers.