The Memphis Grizzlies announced Monday that the team has ended its one-year contract with the 10-time All-Star and former league MVP Allen Iverson in what it called a mutual agreement. Iverson was not placed on waivers by the 6 p.m. ET deadline on Monday so is expected to be waived on Tuesday, a league source told’s Chris Sheridan.

Under the agreement, Iverson will receive only a fraction of the $3 million he was scheduled to earn. If he clears waivers, he will become an unrestricted free agent on Wednesday night.

At least one team has confirmed it has interest in Iverson. New York Knicks president of basketball operations Donnie Walsh told the New York Daily News on Monday night that the team will explore the possibility of signing Iverson.

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