Novak, a 6-foot-11 forward, does have to pass through waivers unclaimed. The Knicks would guarantee Novak a league minimum contract for the 2011-12 season.
Brought into San Antonio Spurs camp late last week, the Spurs released Novak and placed him on waivers Monday night.
On his twitter account, Novak thanked the Spurs organization, and tweeted: "Next stop…NY"
Novak played 23 games for the Spurs in the 2010-’11 season, and has 225 career appearances with the Spurs, Houston Rockets, Los Angeles Clippers and Dallas Mavericks. Out of his 720 career field-goal attempts, 513 are from behind the three-point line. He’s shooting a career .417 on his three pointers.