Odom informed ESPN.com of the arrangement, which has been confirmed by various sources close to the Mavericks but hasn't been officially announced by the team.
"The Mavericks and I have mutually agreed that it's in the best interest of both parties for me to step away from the team," Odom said in a statement to ESPN.com. "I'm sorry that things didn't work out better for both of us, but I wish the Mavs' organization, my teammates and Dallas fans nothing but continued success in the defense of their championship."
Odom won the NBA's sixth man of the year award last season with the Lakers but was included in a multiple-team trade for Chris Paul this off-season. When that deal was rejected by the league, Odom asked the Lakers to trade him.
That wish was granted days later when he was sent to the Mavericks for a 2012 first-round draft pick and an $8.9-million trade exception. But things did not work out for Odom in Dallas, where he averaged lows in his career in points (6.6), rebounds (4.2) and minutes (20.5).
According to ESPN.com, the Mavericks plan to list Odom as inactive for the rest of the season to leave them the option of trying to trade him. A team that has Odom on its roster as of June 29 must either buy him out for $2.4 million or accept responsibility for the $8.2 million he would earn in 2012-13.