New York, NY (SportsNetwork.com) - The New York Knicks waived forward Amar'e Stoudemire on Monday after reaching an agreement on a buyout.

Stoudemire was in the final season of a five-year, nearly $100 million contract he signed as a free agent in the summer of 2010.

"Amar'e's period as a Knickerbocker has come to pass, at his request. His time here should be marked by recognizing his effort -- it was 100-percent," Knicks president Phil Jackson said. "As we move forward in structuring this team, we will look for players that exhibit his desire to win."

The 32-year-old veteran averaged 17.3 points and 6.7 rebounds in 255 games with the Knicks. In 36 games this season, including 14 starts, Stoudemire was averaging 12.0 points and 6.8 rebounds.

"I will be forever grateful for the opportunity to contribute positively on the court and in the community," said Stoudemire, who intends to sign with a team in playoff contention after clearing waivers. "Although I leave the Knicks with a heavy heart, I wish the organization the best of luck. Once a Knick always a Knick."

Stoudemire spent eight seasons with Phoenix after being selected by the Suns ninth overall in the 2002 draft. He has averaged 20.0 points and 8.2 rebounds in 771 career games.