The Toronto Raptors announced Wednesday that they have agreed to buy out the remaining two-year portion of center Marcus Camby's contract.
In so doing, the Raptors also placed Camby on waivers.
Camby, 39, was acquired from the New York Knicks as part of a trade that sent Andrea Bargnani to the Knicks.
Camby is owed $7.5 million for the remainder of his contract.
He played in just 24 games last season for the Knicks, with a career-low 1.8 points per game scoring average.
Canby, who first signed with the Raptors in 1996, has played 973 games in the NBA, told the team he feels he can still play and is looking to hook up with a contending team.