Odom, who was a key member of championship teams with Phil Jackson in Los Angeles, has struggled with substance abuse problems the past several years. He was waived because he was unable to meet certain standards the Knicks had set.
"Unfortunately, Lamar was unable to uphold the standards to return as an NBA player," Jackson said according to CBS Sports' Ken Berger.
With the open spot, the Knicks re-signed center Cole Aldrich, a 6-11 245-pound center who played in 46 games last season for the Knicks averaging 2.0 points and 2.8 rebounds per game. Aldrich is with the Knicks' Vegas Summer League entry. Terms of his deal were not disclosed.