Marcus Camby won't be playing for the Toronto Raptors in 2013-14.
The Raptors on Wednesday agreed to a buyout with the veteran center and placed him on waivers.
The club recently acquired Camby as part of the trade that sent forward Andrea Bargnani to the New York Knicks.
Camby, who had two years remaining on his $7.5 million contract, said after the trade was agreed upon that he would prefer to play for a team that could contend for an NBA title.
The 39-year-old Camby was selected second overall by the Raptors in the 1996 draft and spent the first two of his 17 NBA seasons with Toronto. He averaged just 1.8 points, 3.3 rebounds and 10.4 minutes over 24 games with the Knicks in 2012-13.
Camby has also played for the Nuggets, Clippers, Trail Blazers and Rockets. In 973 career games (786 starts), Camby has averaged 9.5 points, 9.8 rebounds and 2.4 blocks.