Marbury agreed a contract buyout after a four-hour meeting with Knicks president Donnie Walsh and was granted his release.

"A comprehensive agreement was made this afternoon between the New York Knicks and Stephon Marbury," a joint statement released by the team said.

"Under its terms, the grievance has been resolved and the Knicks have requested waivers on Stephon. No additional terms will be disclosed."

The 32-year-old battled with coaches during much of his five-year tenure with the Knicks, his hometown club.

He has not played in a regular-season game since Jan. 11, 2008 and in November was suspended for one game and fined $400,000 for refusing to play against the Detroit Pistons. He denied he had refused to play.

He was told in December not to participate in team training or attend games after talks on a possible buyout of his $21 million contract failed to produce a settlement.

Marbury will be eligible to sign with a new team on Friday and several media outlets said the 13-year NBA veteran intended to sign with the defending champion Boston Celtics.