Jeremy Lin could be a former Knick by midnight Tuesday.

The Knicks have until the end of Tuesday to decide whether to match the three-year, $25.1-million offer sheet the wildly popular Lin signed with Houston. The offer includes a $14.89-million “poison pill” in the third year that prompted Knicks All-Star Carmelo Anthony to call it a “ridiculous contract” and might make the organization cut ties with Lin.

The Knicks haven’t commented since Lin received the offer sheet, but they finalized the trade for point guard Raymond Felton Monday, which could signal the end of Lin-sanity in New York.

As of 6 p.m. Tuesday, the Knicks had still not commented. A report in the New York Times, citing an anonymous source, said the Knicks would not match the offer. As of 5 p.m., the Houston Rockets had not been informed of any decision.

The Knicks had every intention of matching offers for Lin, a restricted free agent who averaged 17.7 points and 8.2 assists in 25 starts and was even more valuable to them from a business and marketing standpoint.

But the Knicks can’t be happy that the terms of the deal Lin originally agreed upon with Houston changed. It was a four-year, $28.8-million contract, and the fourth year was a $9.3-million team option.

Besides perhaps being upset that they were blindsided by the addition of about $5.6 million in the third year, the Knicks will face immense luxury-tax ramifications if they match.

For more: NewsDay