"We are disappointed that it did not work out for Beno and Metta here in New York," Knicks President and General Manager Steve Mills said in a statement. "We thank them for their contributions this season and wish them well."
Once World Peace clears the 48-hour waiver process, he'll become a free agent, eligible to sign with any franchise outside of the Lakers and Knicks.
Last off-season, the Lakers used their one-time amnesty to remove World Peace's $7.7 million salary from their salary cap and luxury tax computation. The team is still paying World Peace, but under the rules of amnesty, he cannot rejoin the Lakers until after this season.
Of course the Lakers aren't necessarily likely to pursue World Peace, as the team works to rebuild the roster with younger talent.
World Peace helped the Lakers beat the
Through 29 appearances with the Knicks, he averaged 4.8 points and 2.0 rebounds a game.
World Peace will look to join a playoff-bound team, hoping to add a defensive element to a long postseason run.