"Stephon Marbury, whose New York homecoming began with fanfare and ended in infamy, finally severed ties with the Knicks on Tuesday, ending a tense, three-month standoff with the franchise.

Marbury agreed to a contract buyout after a four-hour meeting with Donnie Walsh, the team's president, and was granted his release. The team filed a waiver request after the N.B.A. was closed for business, so the 48-hour waiver process will begin Wednesday morning.

Marbury will be eligible to sign with a new team Friday. According to multiple news media outlets, he intends to sign with the defending champion Boston Celtics.

By gaining his release before March 1, Marbury will be eligible to play in the postseason with his new team.

A Knicks spokesman said Walsh would not comment until Wednesday, before the Knicks' home game against Orlando. Marbury did not respond to an e-mail message seeking comment.

In an e-mail message to The Boston Globe, Marbury said he was "blessed to be able to move on with my career."

He added, "I'm excited about the new beginning."

The Knicks issued a joint statement Tuesday confirming that Marbury had been released, and that his grievance against the team had been settled."