NEW YORK — Stephon Marbury has been waived by the New York Knicks, ending a turbulent five-year stint in which the former All-Star couldn't lead his hometown team to a single playoff victory.

The team released a statement Tuesday saying an agreement between the Knicks and Marbury had been reached, but did not disclose financial terms.

Marbury is one of the highest-paid players in the NBA, set to make close to $21 million this season, but has not played a game for new coach Mike D'Antoni.

He's eligible to play in the postseason for any team that signs him because he was waived by March 1.