The Los Angeles Lakers waived forward Metta World Peace on Thursday.
The Lakers designated World Peace, 33, as the team's amnesty player as allowed by the Collective Bargaining Agreement.
The 14-year NBA veteran averaged 12.4 points and 5.0 rebounds over 75 games last season.
World Peace was an instrumental part of the Lakers' 2010 NBA Championship run in his first season with the team.
"It's tough to say goodbye to a player such as Metta, who has been a significant part of our team the past four seasons. For anyone who's had the opportunity to get to know him, it's impossible not to love him," said Lakers general manager Mitch Kupchak.
"He has made many contributions to this organization, both in his community work as well as in our games; perhaps no more so than in his clutch play in Game 7 of the 2010 NBA Finals in helping to lead us over the Celtics in one of the greatest playoff wins in Lakers history. We thank Metta for all his contributions and wish him the best of luck in the future."
Then known as Ron Artest, World Peace nailed a game-winning shot at the buzzer to eliminate the Phoenix Suns in Game 6 of the 2010 Western Conference Finals. He also came up big for Los Angeles in the finals, scoring 20 points and burying a three-pointer late in the final quarter of Game 7 to all but seal the Lakers second-straight championship.
Over 902 career games with Chicago Bulls (1999-2002), Indiana Pacers (2002-2006), Sacramento Kings (2006-2009) and the Houston Rockets (2008-2009), World Peace averaged 14.1 points and 4.7 points per contest.