The much-maligned Toronto Raptors centre tweeted Tuesday: "I am thrilled to become a New York Knick and look forward to becoming a part of their storied franchise!!"
The Raptors and Knicks agreed on a deal that would send the former No. 1 overall pick to New York, according to reports Monday, the first day of the NBA free agency period.
The deal won't be official until July 10 when next season's salary cap has been set.
In return, the Raptors receive Knicks reserves Steve Novak, Marcus Camby and Quentin Richardson, who will be signed-and-traded. The Knicks are also sending the Raptors a 2016 first-round pick and two second-round picks.
Bargnani is coming off an injury-shortened season that was his worst since his second year in the league, and had become a lightning rod for a struggling Toronto team that missed the playoffs this past season for the fifth year in a row.
The Raptors attempted to trade Bargnani this past season before two significant elbow injuries derailed any serious interest. The puzzling Italian centre, who looked so good at times the previous season, spent more than half this past campaign on the bench.
The seven-foot, 256-pound centre was drafted first overall by Toronto in 2006, and went on to average 15.2 points, 4.8 rebounds and 1.3 assists per game over seven seasons in Toronto. The Raptors made the playoffs just once since drafting him.
Bargnani has two years and about $22.2 million remaining on his contract.