(THE SPORTS XCHANGE) - New York Knicks point guard Derrick Rose will miss the rest of the season after tearing the meniscus in his left knee, the team said on Sunday.

The 28-year-old Rose's latest injury setback will require arthroscopic surgery and will be his fourth knee surgery - he tore his left ACL in 2012 and underwent two surgeries on his right meniscus.

Rose, who is set to enter free agency this off-season, averaged 18.0 points, 4.4 assists and 3.8 rebounds over 64 games in his first season with the Knicks.

The Knicks traded for Rose last June in a multi-player deal with the Chicago Bulls.

He is in the final year of a five-year, US$94 million (S$131 million) deal.

Knee injuries have plagued the three-time All-Star and the National Basketball Association's (NBA) 2010-2011 Most Valuable Player (MVP).

While he was with the Bulls, Rose tore the ACL in his left knee during the 2012 play-offs and missed the entire following season.

He then tore the meniscus in his right knee in his first season back from surgery, costing him the final 72 games in 2013-2014.

Rose, who has said he would like to return to New York, missed the Knicks' previous two games with what the team described as soreness and swelling.

The Knicks are 29-48 and will miss the play-offs for the fourth straight season.