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, "The Knicks have requested waivers on Stephon."

    Financial terms of the buyout that ended Marbury's five-year tenure weren't disclosed in the joint statement.

    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 U.S. dollars 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 dollar contract failed to produce a settlement.

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