The Atlanta Hawks have informed New York that they will not match the Knicks’ four-year, $71-million-plus offer sheet for guard Tim Hardaway Jr., league sources told The Vertical.

Hardaway’s offer sheet was delivered to the Hawks on Thursday night, and Atlanta elected to pass on a deal that is a significant investment with a fourth-year player option worth nearly $19 million, league sources said.

Hardaway spent the first two seasons of his career with the Knicks, who selected him with the No. 24 overall pick in the 2013 NBA draft. New York dealt Hardaway to the Hawks in 2015 in a trade for current Chicago Bulls guard Jerian Grant.

Hardaway, 25, returns to a Knicks franchise with significant hope that it can utilize his offensive abilities on the wing. Hardaway averaged 14.5 points and 2.8 rebounds in 27.3 minutes in 79 games last season.

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